Japan's consumer price inflation rose to 0.9 percent year-on-year in April 2019 from 0.5 percent in the previous month and in line with market consensus. It was the highest inflation rate since October last year, with prices of food surging following declines in the prior four months. On a seasonally adjusted monthly basis, consumer prices increased by 0.1 percent, after remaining unchanged in the prior two months. Inflation Rate in Japan averaged 2.97 percent from 1958 until 2019, reaching an all time high of 24.90 percent in February of 1974 and a record low of -2.50 percent in October of 2009.

Inflation Rate in Japan is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Japan to stand at 1.20 in 12 months time. In the long-term, the Japan Inflation Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.

Japan Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-21 11:30 PM Inflation Rate YoY 0.2% 0.3% 0.2% 0.5%
2019-03-21 11:30 PM Inflation Rate YoY 0.2% 0.2% 0.3% 0.1%
2019-04-18 11:30 PM Inflation Rate YoY 0.5% 0.2% 0.5% 0.3%
2019-05-23 11:30 PM Inflation Rate YoY 0.9% 0.5% 0.9% 0.3%
2019-06-20 11:30 PM Inflation Rate YoY 0.9% 1.1%
2019-07-18 11:30 PM Inflation Rate YoY 0.7%
2019-08-22 11:30 PM Inflation Rate YoY 1%



Japan April Inflation Rate Hits 6-Month High of 0.9%

Japan's consumer price inflation rose to 0.9 percent year-on-year in April 2019 from 0.5 percent in the previous month and in line with market consensus. It was the highest inflation rate since October last year, with prices of food surging following declines in the prior four months.

Prices of food rose by 0.7 percent year-on-year in April, reversing from a 0.3 percent fall in March and marking the first food inflation in five months. Among food, cost rebounded for oils, fats & seasonings (0.2 percent vs -0.2 percent in March), while increased faster for cereals (0.8 percent vs 0.5 percent); fish & seafood (1.6 percent vs 1.1 percent), mostly fresh fish & seafood (0.4 percent vs -0.3 percent); meat (1 percent vs 0.8 percent); and cooked food (1 percent vs 0.3 percent). In addition, prices fell much less for: fresh food (-0.3 percent vs -6 percent in March); vegetables & seaweeds (-0.1 percent vs -9 percent), of which fresh vegetables (-0.6 percent vs -14.2 percent); and fruits (-0.5 percent vs 2.8 percent), namely fresh fruits (-0.7 percent vs 2.7 percent). Meantime, inflation slowed for both meals outside the home (1 percent vs 1.1 percent); and dairy products & eggs (1.5 percent vs 2.3 percent).

Also, cost went up faster for housing (0.1 percent vs  flat reading in the prior three months); furniture and household utensils (1.6 percent vs 1.5 percent); culture & recreation (2 percent vs 0.9 percent); and miscellaneous goods & services (1.1 percent vs 1 percent), while inflation was steady for both clothes & footwear (at 0.1 percent) and education (at 0.5 percent). At the same time, cost of transportation & communication fell less (-0.2 percent vs -0.3 percent). In contrast, inflation slowed for both medical care (0.9 percent vs 1.3 percent); and fuel, light & water charges (4.4 percent vs 5.1 percent), namely electricity (5.8 percent vs 7.3 percent).

Annual core consumer inflation, which excludes fresh food, edged up to 0.9 percent in April from 0.8 percent in March and matching expectations. Still, the latest figure remained well below the Bank of Japan's 2 percent target. Meantime, stripping away the effect of fresh food and energy, consumer prices rose by 0.6 percent year-on-year in April, the most since June 2016.

On a seasonally adjusted monthly basis, consumer prices increased by 0.1 percent, after remaining unchanged in the prior two months.


Statistics Japan l Mario | mario@tradingeconomics.com
5/24/2019 8:48:19 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.90 0.50 24.90 -2.50 percent [+]
Inflation Rate Mom 0.10 0.00 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.80 101.50 102.00 17.40 Index Points [+]
Core Consumer Prices 101.60 101.50 101.60 31.00 Index Points [+]
Core Inflation Rate 0.90 0.80 24.70 -2.40 percent [+]
GDP Deflator 101.70 104.40 120.00 87.80 Index Points [+]
Producer Prices 101.80 101.50 112.50 47.40 Index Points [+]
Export Prices 95.40 94.40 207.30 84.10 Index Points [+]
Import Prices 97.30 95.90 190.40 45.90 Index Points [+]
Food Inflation 0.70 -0.30 31.60 -3.70 percent [+]
CPI Housing Utilities 99.70 99.60 102.20 25.50 Index Points [+]
CPI Transportation 99.10 99.20 104.40 38.50 Index Points [+]
Producer Prices Change 1.20 1.30 33.90 -8.60 percent [+]


Japan Inflation Rate

In Japan, the most important categories in the consumer price index are Food (25 percent of total weight) and Housing (21 percent). Transportation and communications accounts for 14 percent; Culture and recreation for 11.5 percent; Fuel, light and water charges for 7 percent; Medical care for 4.3 percent; Clothes and footwear for 4 percent. Furniture and household utensils, Education and Miscellaneous goods and services account for the remaining. This page provides the latest reported value for - Japan Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Japan Inflation Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.50 24.90 -2.50 1958 - 2019 percent Monthly
2015=100




Country Last Previous
Argentina 55.80 Apr/19
Australia 1.30 Mar/19
Brazil 4.94 Apr/19
Canada 2.00 Apr/19
China 2.50 Apr/19
Euro Area 1.70 Apr/19
France 1.30 Apr/19
Germany 2.00 Apr/19
India 2.92 Apr/19
Indonesia 2.83 Apr/19
Italy 1.10 Apr/19
Japan 0.90 Apr/19
Mexico 4.41 Apr/19
Netherlands 2.90 Apr/19
Russia 5.20 Apr/19
Saudi Arabia -1.90 Apr/19
Singapore 0.80 Apr/19
South Africa 4.40 Apr/19
South Korea 0.60 Apr/19
Spain 1.50 Apr/19
Switzerland 0.70 Apr/19
Turkey 19.50 Apr/19
United Kingdom 2.10 Apr/19
United States 2.00 Apr/19


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