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Japan Inflation September 2022

Japan: Inflation holds steady in September, but core inflation picks up

Inflation came in at 3.0% in September, unchanged from August’s figure. September’s reading represented the joint-highest inflation rate since September 2014.

The trend pointed up, with annual average inflation coming in at 1.7% in September (August: 1.4%). Meanwhile, core inflation ticked up to 3.0% in September, from the previous month’s 2.8%.

Finally, consumer prices rose 0.38% over the previous month in September, accelerating from the 0.36% rise logged in August.

Analysts at Nomura commented on the outlook:

“We expect inflation to continue to accelerate on the back of a rise in input costs due to yen depreciation. The Cabinet is expected to approve a new package of economic stimulus measures by the end of October. We expect this package to include measures to deal with inflation, and think that the details of these measures will be a point of focus in terms of the outlook for prices.”

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