March 22, 2019

Japan Consumer Price Index

Core inflation retreats in April

Published monthly by the Ministry of Internal Affairs and Communication. National CPI updated to the month of February 2018 (published on March 22nd, 2019) and Tokyo CPI updated to the month of February 2019 (published on March 1st, 2019).

Recent data trend

Consumer price inflation in Japan fell in April, with the year on year rise falling from 1.1% in March to 0.6% in April. The fall signals the end of the mini-cycle we saw in fresh food prices in the past six months. Fresh food prices, accounting for 4% of the CPI basket in Japan, rose by 20% between October 2017 and January 2018, and then started to fall in February. By April, their prices are back where it was before the sharp rise started. Japanese urban households, including mine, are rel...

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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: Tokyo CPI(March): March 29th, 2019

                              National CPI(February):April 19th, 2019









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