Japan's consumer price inflation fell to 0.3 percent year-on-year in August 2019 from 0.5 percent in the previous month and well below market expectations of 0.6 percent. It was the lowest inflation rate in six months, raising the chances of further stimulus after the Bank of Japan decided to leave policy unchanged during its September meeting but left the window wide open for easing, calling for a review of prices and the economy in October. Annual core consumer inflation, which excludes fresh food, was at 0.5 percent in August, the lowest in over two years. Inflation Rate in Japan averaged 2.96 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 0.60 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 2.00 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
2019-06-20 11:30 PM Inflation Rate YoY May 0.7% 0.9% 0.7% 1%
2019-07-18 11:30 PM Inflation Rate YoY Jun 0.7% 0.7% 0.7% 0.8%
2019-08-22 11:30 PM Inflation Rate YoY Jul 0.5% 0.7% 0.5% 0.8%
2019-09-19 11:30 PM Inflation Rate YoY Aug 0.3% 0.5% 0.6% 0.8%
2019-10-17 11:30 PM Inflation Rate YoY Sep 0.3% 0.4%
2019-11-21 11:30 PM Inflation Rate YoY Oct 2.2%
2019-12-19 11:30 PM Inflation Rate YoY Nov 2.1%



Japan Inflation Rate Falls to 6-Month Low

Japan's consumer price inflation fell to 0.3 percent year-on-year in August 2019 from 0.5 percent in the previous month and well below market expectations of 0.6 percent. It was the lowest inflation rate in six months, raising the chances of further stimulus after the Bank of Japan decided to leave policy unchanged in its September meeting but left the window wide open for easing, calling for a review of prices and the economy in October.

Food prices edged up 0.1 percent in August, slowing from a 0.9 percent gain in the previous month, as fresh food prices fell at a faster pace (-4.9 percent vs -0.7 percent). Other price declines were seen for fish & seafood (-0.5 percent vs 1.5 percent) and vegetables & seaweeds (-6.4 percent vs -1.9 percent). Meanwhile, upward pressure came from: cereals (1 percent vs 1.2 percent); meats (1.3 percent, the same as in July); cakes & candies (3.0 percent vs 2.8 percent); cooked food (0.6 percent vs 0.8 percent); and meals outside the home (0.9 percent, the same as in July).

Inflation was unchanged for housing (at 0.2 percent), culture & recreation (at 1.1 percent) and miscellaneous (at 1.0 percent), while prices dropped for transportation & communication (-1.2 percent, the same as in July) and medical care (-0.2 percent vs 0.6 percent). In contrast, prices rose faster for furniture & household utensils (2.3 percent vs 1.7 percent); clothes & footwear (0.6 percent vs 0.4 percent).

Annual core consumer inflation, which excludes fresh food, was at 0.5 percent in August, down from 0.6 percent in the previous month and in line with market expectations. The latest reading remained well below the Bank of Japan's 2 percent target and was at over a 2-year low. Stripping away the effect of fresh food and energy, consumer prices rose 0.6 percent in August, the same pace as in the previous month and slightly above expectations of 0.5 percent.

On a seasonally adjusted monthly basis, consumer prices were unchanged in August, following a 0.1 percent increase in the previous month. The core CPI was up 0.1 percent.


Statistics Japan | Mario | mario@tradingeconomics.com
9/20/2019 9:30:42 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.30 0.50 24.90 -2.50 percent [+]
Inflation Rate Mom 0.00 0.10 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.80 101.60 102.00 17.40 Index Points [+]
Core Consumer Prices 101.70 101.50 101.80 31.00 Index Points [+]
Core Inflation Rate 0.50 0.60 24.70 -2.40 percent [+]
GDP Deflator 104.40 101.60 120.00 87.80 Index Points [+]
Producer Prices 100.90 101.20 112.50 47.40 Index Points [+]
Export Prices 91.50 92.80 207.30 84.10 Index Points [+]
Import Prices 92.80 93.50 190.40 45.90 Index Points [+]
Food Inflation 0.10 0.90 31.60 -3.70 percent [+]
CPI Housing Utilities 99.80 99.80 102.20 25.50 Index Points [+]
CPI Transportation 98.90 98.80 104.40 38.50 Index Points [+]
Producer Prices Change -0.90 -0.60 33.90 -8.60 percent [+]
Tokyo Cpi 101.90 101.50 104.30 31.30 Index Points [+]


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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.50 24.90 -2.50 1958 - 2019 percent Monthly
2015=100




Country Last Previous
Argentina 53.60 Aug/19
Australia 1.60 Jun/19
Brazil 3.43 Aug/19
Canada 1.90 Aug/19
China 2.80 Aug/19
Euro Area 1.00 Aug/19
France 1.00 Aug/19
Germany 1.40 Aug/19
India 3.21 Aug/19
Indonesia 3.49 Aug/19
Italy 0.40 Aug/19
Japan 0.30 Aug/19
Mexico 3.16 Aug/19
Netherlands 2.80 Aug/19
Russia 4.30 Aug/19
Saudi Arabia -1.30 Jul/19
Singapore 0.40 Jul/19
South Africa 4.30 Aug/19
South Korea 0.00 Aug/19
Spain 0.30 Aug/19
Switzerland 0.30 Aug/19
Turkey 15.01 Aug/19
United Kingdom 1.70 Aug/19
United States 1.70 Aug/19


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