Japan's consumer price inflation fell to 0.2 percent year-on-year in September 2019 from 0.3 percent in the previous month and well below market expectations of 0.4 percent. It was the lowest inflation rate in seven months, mainly pushed down by lower gasoline prices. The latest reading raises the chances of further stimulus after the Bank of Japan decided to leave policy unchanged during its September meeting but left the window wide open for easing, calling for a review of prices and the economy in October. Annual core consumer inflation, which excludes fresh food, was at 0.3 percent in August, the lowest since April 2017. Inflation Rate in Japan averaged 2.96 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 2.40 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 2.00 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
2019-07-18 11:30 PM Inflation Rate YoY Jun 0.7% 0.7% 0.7% 0.8%
2019-08-22 11:30 PM Inflation Rate YoY Jul 0.5% 0.7% 0.5% 0.8%
2019-09-19 11:30 PM Inflation Rate YoY Aug 0.3% 0.5% 0.6% 0.8%
2019-10-17 11:30 PM Inflation Rate YoY Sep 0.2% 0.3% 0.4% 0.4%
2019-11-21 11:30 PM Inflation Rate YoY Oct 0.2% 2.2%
2019-12-19 11:30 PM Inflation Rate YoY Nov 2.1%



Japan Inflation Falls to 7-Month Low

Japan's consumer price inflation fell to 0.2 percent year-on-year in September 2019 from 0.3 percent in the previous month and well below market expectations of 0.4 percent. It was the lowest inflation rate in seven months, mainly pushed down by lower gasoline prices. The latest reading raises the chances of further stimulus after the Bank of Japan decided to leave policy unchanged during its September meeting but left the window wide open for easing, calling for a review of prices and the economy in October.

Year-on-year, prices continued to decline for transportation & communication (-1.6 percent versus -1.2 percent in August), on lower gasoline prices (-6.9 percent vs -4.8 percent) and communication (-2.9 percent, the same pace as in August), with mobile phone fees down 5.2 percent (vs -5.7 percent) as major wireless carriers cut charges under pressure from the government. Also, inflation edged down for culture & recreation (1.0 percent vs 1.1 percent) and fuel, light & water charges (0.2 percent vs 1.2 percent), in particular electricity (0.4 percent vs 1.8 percent) and gas (0.4 percent vs 1.8 percent). At the same time, prices advanced at the same pace for housing (at 0.2 percent); medical care (-0.2 percent) and miscellaneous (at 1.0 percent). Moreover, cost of clothes & footwear was flat after climbing 0.6 percent in the previous month.  

On the other hand, inflation picked up for food (0.5 percent vs 0.1 percent), boosted by fish & seafood (0.2 percent vs -2.9 percent), dairy products & eggs (2.2 percent vs 1.9 percent) and fruits (4.8 percent vs 2.1 percent); furniture & household utensils (2.7 percent vs 2.3 percent) and education (0.7 percent vs 0.6 percent).

Core consumer prices, which include oil products but exclude fresh food prices, rose 0.3 percent from a year earlier in September 2019, easing from a 0.5 percent in increase in the previous month and matching market expectations. That was the lowest rate since April 2017. 

Stripping away the effect of fresh food and energy, consumer prices rose 0.5 percent in September, edging down from the 0.6 percent print for the previous month.

On a seasonally adjusted monthly basis, consumer prices were unchanged in September for the second month.



Statistics Japan l Mario | mario@tradingeconomics.com
10/18/2019 10:10:47 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.20 0.30 24.90 -2.50 percent [+]
Inflation Rate Mom 0.00 0.00 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.90 101.80 102.00 17.40 Index Points [+]
Core Consumer Prices 101.60 101.70 101.80 31.00 Index Points [+]
Core Inflation Rate 0.30 0.50 24.70 -2.40 percent [+]
GDP Deflator 104.40 101.60 120.00 87.80 Index Points [+]
Producer Prices 100.90 100.90 112.50 47.40 Index Points [+]
Export Prices 91.60 91.50 207.30 84.10 Index Points [+]
Import Prices 92.30 92.80 190.40 45.90 Index Points [+]
Food Inflation 0.50 0.10 31.60 -3.70 percent [+]
Producer Prices Change -1.10 -0.90 33.90 -8.60 percent [+]
Tokyo Cpi 101.80 101.90 104.30 31.30 Index Points [+]
CPI Housing Utilities 99.80 99.80 102.20 25.50 Index Points [+]
CPI Transportation 98.20 98.90 104.40 38.50 Index Points [+]


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 October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.30 24.90 -2.50 1958 - 2019 percent Monthly
2015=100




Country Last Previous
Argentina 53.50 Sep/19
Australia 1.60 Jun/19
Brazil 2.89 Sep/19
Canada 1.90 Sep/19
China 3.00 Sep/19
Euro Area 0.80 Sep/19
France 0.90 Sep/19
Germany 1.20 Sep/19
India 3.99 Sep/19
Indonesia 3.39 Sep/19
Italy 0.30 Sep/19
Japan 0.20 Sep/19
Mexico 3.00 Sep/19
Netherlands 2.60 Sep/19
Russia 4.00 Sep/19
Saudi Arabia -1.10 Aug/19
Singapore 0.50 Aug/19
South Africa 4.30 Aug/19
South Korea -0.40 Sep/19
Spain 0.10 Sep/19
Switzerland 0.10 Sep/19
Turkey 9.26 Sep/19
United Kingdom 1.70 Sep/19
United States 1.70 Sep/19


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