Japan Inflation January 2020


Japan: Core inflation ticks up in January

February 21, 2020

The core consumer price index increased 0.1% in month-on-month seasonally-adjusted terms in January, matching December’s result. The increase in December was mainly due to higher prices for transportation and communication, and food.

Core inflation accelerated to 0.8% in January from 0.7% in December, as expected by market analysts but still well below the Bank of Japan’s inflation target of 2.0%. Meanwhile, overall inflation slowed to 0.7% in January from 0.8% in December.

FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in 2020, which is unchanged from last month’s estimate. In 2021, the panel sees inflation at 0.8% again.

Author:, Economist

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Japan Inflation Chart

Japan Inflation January 20 20

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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