Japan Consumer Price Index

In June 2020, Consumer Price Index (CPI) inflation in Japan remained unchanged at 0.1% YoY.

Published monthly by the Ministry of Internal Affairs and Communication. National CPI updated to the month of June 2020 (published on July 21st, 2020) and Tokyo CPI updated to the month of June 2020 (published on June 26th, 2020).

Brief overview of “Consumer Price Index”

The 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 households in a standard year, currently set at 2015. The Bank of Japan targets its core measure, CPI excluding fresh foods. 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, which exclude extreme price changes of goods and services. The monthly CPI reports are published towards the end of the following month. The preliminary CPI report for the Tokyo area is published one month in advance, and is often regarded as a leading indicator for the national CPI.

The CPI in Japan was on a very mild declining trend between 1998-2012. The CPI fell by 3.9% or by 0.3% per year on average. Excluding food and energy, the CPI declined by 7.4% or by 0.5% per year on average in the same period. Whereas in 2012-2019, the CPI increased by 5.8% or by 0.8% per year on average. During this same period, excluding food and energy, the CPI went up by 3.5% or by 0.5% per year on average. Although the CPI picked up in the past several years, it is still below that of the Bank of Japan’s target of 2% inflation per year. Japan had an unusually low CPI inflation compared to its global peers even prior to 1998. Between the years of 1980-2000, the average yearly inflation in Japan was at 1.4%, sizably lower than the average of 3.6% in the 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(July): August 4th, 2020

                            National CPI(July): August 21st, 2020

                              

                               

                              

                              

                             

                               

                              

                                

                                

                                 

                                 

                               

                                

                              

                            

                              

                               

                                

                               

                                

                                  

                               

                              

                                

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