November 29, 2019

Japan Consumer Price Index

Housing price in Tokyo may be starting to rise

Published monthly by the Ministry of Internal Affairs and Communication. National CPI updated to the month of October 2019 (published on November 22nd, 2019) and Tokyo CPI updated to the month of November 2019 (published on November 29th, 2019).

Recent data trend

Consumer price inflation in Japan remains rather unexciting. In February 2019, overall CPI rose mere 0.2% year on year (YoY) and unchanged from January. The picture remains virtually unchanged even when we exclude fresh food and energy. The core CPI rose by 0.4% YoY in February, also unchanged from January. Tokyo CPI gives somewhat more interesting news. Tokyo CPI for March shows a somewhat more inflationary picture. Overall CPI rose by 0.9% YoY, up from 0.6% in February. Its core CPI rose ...

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Brief overview of “Consumer Price Index”

Consumer Price Index (CPI) measures the weighted average price level of goods and services consumers pay. Its weights are determined by the spending pattern of household in a standard year, currently set at 2015. The Bank of Japan targets its core measure, CPI excluding fresh food. The US-styled core measure, CPI excluding food and energy, is also published in the official statistics release. The government currently does not officially publish trimmed CPI measures. Monthly CPI reports are published toward the end of the following month. The preliminary CPI report for Tokyo area is published one month in advance and it is often regarded as a leading indicator for the national CPI.

Since the late 1990s, CPI in Japan has been on a very mild declining trend. Between 1998 and 2012, CPI fell by 3.9% or by 0.3% per year on average. Excluding food and energy, CPI declined by 6.4%, or by 0.6% per year on average in the same period. Japan had unusually lower CPI inflation than its global peers even prior to 1998. Between 1980 to 2000, average yearly inflation in Japan was 1.4%, sizably lower than the average of 3.6% in G7 countries. 

For more information, visit the official government page

National CPI by item

Source: MIAC, JMA.

Source: MIAC, JMA.

CPI and Sub-Components

Source: MIAC, JMA.

The Next Release Date:   National CPI(November): December 20th, 2019

                              Tokyo CPI(December): December 27th, 2019
















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