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Japan Inflation April 2024

Japan: Inflation falls to lowest level since January in April

Inflation came in at 2.5% in April, down from March’s 2.7%. April’s result represented the lowest inflation rate since January, but marked 25 months of readings above the Bank of Japan’s 2.0% target. The deceleration was largely due to lower price pressures for food, furniture and household utensils, healthcare, and culture.

Annual average inflation fell to 2.9% in April (March: 3.0%). Meanwhile, core inflation fell to 2.1% in April, from the previous month’s 2.6%, roughly in line with market expectations.

Finally, consumer prices rose 0.42% in April over the previous month, picking up from the 0.30% rise seen in March. April’s result marked the highest reading since October 2023.

HSBC’s Jun Takazawa and Frederic Neurmann said:

“No major surprises in April, as broad disinflation continued, led by goods. However, inflation is expected to accelerate in the coming months. Renewable energy surcharges will return to around FY2022 levels, with price increases to be reflected starting May. Meanwhile, electricity and gas subsidies will be fully phased out, with the adjustment reflected partly in June and then fully in July.”

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