Japan Inflation November 2016


Japan: Decline in core prices steady in November

December 27, 2016

The core consumer price index was entirely flat in November compared to the previous month, below October’s 0.2% rise. November’s reading mainly reflected that higher prices for clothes and footwear, furniture and household utensils, and fuel, light and water were offset by lower costs for medical care and culture and recreation.

Core prices were down 0.4% from the same month last year in November, matching the result in October and slightly below the 0.3% drop that market analysts had expected. Overall inflation rose to 0.5% in November from 0.1% a month earlier and marked the highest print since May 2015.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.6% in December from the same month last year (November: -0.4% year-on-year).

The Bank of Japan (BoJ) expects core inflation to be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ foresees inflation of between 0.9% and 1.9%. FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.5% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.9%.

Author:, Economist

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Japan Inflation Chart

Japan Inflation November 2016

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

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