Japan's consumer price inflation stood at 0.2 percent year-on-year in February 2019, unchanged from the previous month's 15-month low figure but below market expectations of 0.3 percent. Both prices of food and transport fell for the third month in a row, while cost of housing was flat after declining for 34 consecutive months. On a monthly basis, consumer prices were flat in February, after a 0.3 percent rise in January. Inflation Rate in Japan averaged 2.98 percent from 1958 until 2019, reaching an all time high of 24.90 percent in February of 1974 and a record low of -2.50 percent in October of 2009.

Inflation Rate in Japan is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Japan to stand at 1.40 in 12 months time. In the long-term, the Japan Inflation Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.

Japan Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-20 11:30 PM Inflation Rate YoY 0.8% 1.4% 0.8% 1.4%
2019-01-17 11:30 PM Inflation Rate YoY 0.3% 0.8% 0.3% 0.6%
2019-02-21 11:30 PM Inflation Rate YoY 0.2% 0.3% 0.2% 0.5%
2019-03-21 11:30 PM Inflation Rate YoY 0.2% 0.2% 0.3% 0.1%
2019-04-19 11:30 PM Inflation Rate YoY 0.2% 0.2%
2019-05-17 11:30 PM Inflation Rate YoY 0.3%
2019-06-21 11:30 PM Inflation Rate YoY 1.1%



Japan February Inflation Rate Weaker than Estimated

Japan's consumer price inflation stood at 0.2 percent year-on-year in February 2019, unchanged from the previous month's 15-month low figure but below market expectations of 0.3 percent. Both prices of food and transport fell for the third month in a row, while cost of housing was flat after declining for 34 consecutive months.

Prices of food dropped by 1.4 percent year-on-year in February, after a 1.5 percent fall in January and marking the third straight month of declines. Among food, cost continued to fall  for vegetables & seaweeds (-15 percent vs -14.4 percent), of which fresh vegetables (-22.2 percent vs -21.2 percent); fruits (-1 percent vs -2.7 percent), of which fresh fruits (-1.4 percent vs -3.3 percent); and oils, fats & seasonings (-0.4 percent vs -0.6 percent). In addition, inflation slowed for dairy products & eggs (2.4 percent vs 2.8 percent), meals outside the home (1 percent vs 1.1 percent); while was steady for cereals (at 0.7 percent). Meantime, cost rose faster for fish & seafood (1.6 percent vs 1.5 percent), of which fresh fish & seafood (0.6 percent vs 0.5 percent), cooked food (0.4 percent vs 0.1 percent), and meat (0.4 percent vs 0.3 percent).

At the same time, cost of transportation & communication declined for the third consecutive month (-0.6 percent vs -0.2 percent). In contrast, inflation was steady for miscellaneous goods & services (at 0.9 percent), while prices slowed for: culture & recreation (1.4 percent vs 1.5 percent); medical care (1.2 percent vs 1.3 percent); and education (0.4 percent vs 0.5 percent). Meantime, cost went up slightly faster for fuel, light & water charges (5.3 percent vs 5.2 percent), of which electricity (7.7 percent vs 7.2 percent) and gas (6.2 percent vs 5.6 percent), while prices were unchanged for: housing (vs -0.1 percent in January); clothes & footwear (vs 0.2 percent); and furniture and household utensils  (vs-0.1 percent in January).  

Annual core consumer inflation, which excludes fresh food, inched lower to 0.7 percent in February from 0.8 percent in a month earlier and less than consensus of 0.8 percent. The figure came in well below the Bank of Japan's target of 2 percent.

On a monthly basis, consumer prices were flat in February, after a 0.3 percent rise in January.


Statistics Japan l Rida Husna | rida@tradingeconomics.com
3/22/2019 1:07:04 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.20 0.20 24.90 -2.50 percent [+]
Inflation Rate Mom 0.00 0.30 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.50 101.50 102.00 17.40 Index Points [+]
Core Consumer Prices 101.20 101.20 101.60 31.00 Index Points [+]
Core Inflation Rate 0.70 0.80 24.70 -2.40 percent [+]
GDP Deflator 104.40 101.00 120.00 87.80 Index Points [+]
Producer Prices 101.10 100.90 112.50 47.40 Index Points [+]
Export Prices 94.40 93.90 207.30 84.10 Index Points [+]
Import Prices 95.90 95.20 190.40 45.90 Index Points [+]
Food Inflation -1.40 -1.50 31.60 -3.70 percent [+]
CPI Housing Utilities 99.60 99.60 102.20 25.50 Index Points [+]
CPI Transportation 98.80 98.80 104.40 38.50 Index Points [+]
Producer Prices Change 0.80 0.60 33.90 -8.60 percent [+]


Japan Inflation Rate

In Japan, the most important categories in the consumer price index are Food (25 percent of total weight) and Housing (21 percent). Transportation and communications accounts for 14 percent; Culture and recreation for 11.5 percent; Fuel, light and water charges for 7 percent; Medical care for 4.3 percent; Clothes and footwear for 4 percent. Furniture and household utensils, Education and Miscellaneous goods and services account for the remaining. This page provides the latest reported value for - Japan Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Japan Inflation Rate - actual data, historical chart and calendar of releases - was last updated on March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.20 24.90 -2.50 1958 - 2019 percent Monthly
2015=100




Country Last Previous
Argentina 50.70 Feb/19
Australia 1.80 Dec/18
Brazil 3.89 Feb/19
Canada 1.40 Jan/19
China 1.50 Feb/19
Euro Area 1.50 Feb/19
France 1.30 Feb/19
Germany 1.50 Feb/19
India 2.57 Feb/19
Indonesia 2.57 Feb/19
Italy 1.00 Feb/19
Japan 0.20 Feb/19
Mexico 3.94 Feb/19
Netherlands 2.60 Feb/19
Russia 5.20 Feb/19
Saudi Arabia -2.20 Feb/19
Singapore 0.40 Jan/19
South Africa 4.10 Feb/19
South Korea 0.50 Feb/19
Spain 1.10 Feb/19
Switzerland 0.60 Feb/19
Turkey 19.67 Feb/19
United Kingdom 1.90 Feb/19
United States 1.50 Feb/19


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