Japan Inflation Rate at 4-Month High in November

Japan's consumer price inflation rose to 0.5 percent year-on-year in November 2019 from 0.2 percent in the previous month and above market consensus of 0.2 percent. This was the highest rate in four months, as food and housing prices rose increased faster while transport deflation eased.
Statistics Japan | Rida Husna | rida@tradingeconomics.com
12/20/2019 2:09:42 PM
Food prices increased 1.5 percent year-on-year in November, the most in 13 months, after a 0.9 percent gain in October. Among food, cost went up further for meat (1.2 percent vs 0.7 percent), dairy products & eggs (2.4 percent vs 2.2 percent), cakes & candies (3.1 percent vs 2.8 percent), cooked food (1.5 percent vs 1.4 percent), and meals outside the home (3.2 percent vs 3.0 percent).

Additional upward pressure came from housing (0.8 percent vs 0.7 percent); fuel, light & water charges (0.1 percent vs -0.8 percent), boosted by gas (0.8 percent vs -0.4 percent) and water & sewerage charges (2.1 percent vs 0.2 percent); furniture and household utensils (3.8 percent vs 4.2 percent); clothes & footwear (1.3 percent vs 1.2 percent); medical care (0.7 percent, the same as in October); and culture & recreation (2.3 percent, the same as in October). In contrast, cost continued to fall for transportation & communication (-0.5 percent vs -1 percent), education (-7.8 percent, the same as in October), and  miscellaneous goods & services (-3 percent vs -2.9 percent). 

Annual core consumer inflation, which excludes fresh food, edged up to 0.5 percent in November from 0.4 percent in October, remaining way below the Bank of Japan's 2 percent target.

Stripping away the effect of fresh food and energy, consumer prices rose 0.8 percent year-on-year in November, the most since April 2016 and above forecasts of 0.6 percent. The latest figure is a result of an increase in sales tax from 8 percent to 10 percent in October, which has pushed prices up but reduced consumer demand, a key driver of inflation.

Japan Inflation Rate at 4-Month High in November



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