Mount Fuji, Japan

Japan Inflation (Core, ann. var. %, eop)

Inflation in Japan

Inflation rises in April

Inflation came in at 3.5% in April, which was up from March’s 3.2%. Food prices ticked up, driving the acceleration.

The trend pointed up slightly, with annual average inflation coming in at 3.3% in April (March: 3.2%). Meanwhile, core inflation rose to 3.4% in April, from the previous month’s 3.1%.

Finally, consumer prices increased 0.64% from the previous month in April, accelerating from the 0.38% rise logged in March. April’s result marked the highest reading since April 2014.

Our panelists expect the acceleration in inflation seen in April to be short-lived. They expect inflation to retreat back below the Bank of Japan’s 2% target in Q4 2023, as the current bout of above-target inflation is largely driven by cost-push factors. Recently higher-than-expected wage growth poses an upside risk. Data from this year’s spring wage negotiations—known as shunto—suggest that wages could increase the most since the early 1990s in 2023.

Japan Inflation Chart

This chart displays Inflation (Core, ann. var. %, eop) for Japan from 2013 to 2022.

Japan Inflation Data

2017 2018 2019 2020 2021
Inflation (Core, ann. var. %, eop) 0.8 0.8 0.8 -1.1 0.6

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