Japan Inflation September 2017


Japan: Core inflation stabilizes in September

October 27, 2017

In September, the core consumer price index was flat from the previous month in seasonally-adjusted terms, down from the 0.1% increase in the previous month.

Core inflation was stable at August’s 0.7% in September. The print undershot the 0.8% that market analysts had expected. Overall inflation came in at 0.7% in September, unchanged from August’s result.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—rose 0.6% on an annual basis in October, up from September 0.5% increase and the highest reading in over two years.

The Bank of Japan (BoJ) expects that core inflation will be between 0.8% and 1.6% in the fiscal year ending March 2019. In the following fiscal year, the BoJ sees inflation between 1.4% and 2.5%. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in calendar year 2018, which is unchanged from last month’s estimate. In 2019, the panel sees inflation at 1.2%.

Author: Ricard Torné, Lead Economist

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Japan Inflation Chart

Japan Inflation September 2017

Note: Year-on-year and seasonally adjusted month-on-month var. of consumer price index in %.
Source: Statistics Bureau (SB) and FocusEconomics calculations.

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