September 21, 2018,

10% Trimmed CPI Japan

Trimmed CPI measures show a continued rise in trend inflation rate.

Published monthly by Japan Macro Advisors. Updated to the month of August 2018 (published on September 21st, 2018)

Recent data trend

In February 2018, the year-on-year 10% Trimmed CPI inflation increased to 0.78% YoY from 0.74% YoY in the month of January. Fresh food items, gasoline and automobile parts were items that raised the official CPI but excluded from our trimmed CPI measure. On the other hand, household appliances items such as video recorder, telephone sets and computer accessories were the items that lowered the official CPI inflation but excluded from our trimmed CPI measure. As per our trimmed CPI measures,...

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Brief overview of “10% Trimmed CPI”

10% trimmed CPI series aims to track the trend in the CPI inflation by removing its volatile components. All the items in the CPI are ranked by their year-on-year rate of price change and the highest and lowest 10 percentiles by weight are removed, leaving the 80% “core” components of the CPI inflation. Various research suggests that trimmed CPI is the best indicator of the medium-term trend in the CPI inflation. Some central banks, such as RBA, are starting to adopt the series as officially monitored series. The Japanese government does not officially publish the series.

The methodology and references for 10% trimmed CPI

The Next Release Date: September 28th, 2018 (Tokyo trimmed CPI)

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