Japan's consumer price inflation came in at 0.7 percent year-on-year in June 2019, unchanged from the previous month and matching market expectations. A faster rise in food prices and a pick-up in housing cost was offset by a steeper decline in transport and communication prices. On a seasonally adjusted monthly basis, consumer prices were flat for the second consecutive month. 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 1.10 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 1.30 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
2019-04-18 11:30 PM Inflation Rate YoY Mar 0.5% 0.2% 0.5% 0.3%
2019-05-23 11:30 PM Inflation Rate YoY Apr 0.9% 0.5% 0.9% 0.3%
2019-06-20 11:30 PM Inflation Rate YoY May 0.7% 0.9% 0.7% 1%
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 0.7% 1%
2019-09-19 11:30 PM Inflation Rate YoY Aug 0.9%
2019-10-17 11:30 PM Inflation Rate YoY Sep 1.1%



Japan Inflation Rate Unchanged at 0.7% in June

Japan's consumer price inflation came in at 0.7 percent year-on-year in June 2019, unchanged from the previous month and matching market expectations. A faster rise in cost of food and housing was offset by a steeper decline in prices of transport and communication.

Inflation was steady for education (at 0.6 percent, the same as in May) and prices of clothes & footwear were flat for the second month in a row. Meantime, cost slowed for fuel, light & water charges (2.2 percent vs 3.2 percent in May), namely electricity (2.5 percent vs 3.6 percent), and gas (3.9 percent vs 4.8 percent); miscellaneous goods & services (0.9 percent vs 1 percent); medical care (0.6 percent vs 0.7 percent); and furniture and household utensils (1.8 percent vs 2.6 percent). In addition, prices of transportation & communication fell for the seventh consecutive month and at the steepest pace since November 2016 (-1.3 percent vs -0.4 percent). 

On the other hand, food prices rose for the third straigth month hitting its highest level since October last year (1.4 percent vs 0.8 percent). Among food, cost increased further for cereals (1.3 percent vs 1.1 percent); fish & seafood (2 percent vs 1.6 percent), mostly fresh fish & seafood (1.2 percent vs 0.9 percent); meat (1.4 percent vs 0.9 percent); dairy products & eggs (2 percent vs 1.9 percent); vegetables & seaweeds (0.9 percent vs 0.2 percent), in particular fresh vegetables (1 percent vs flat reading); and cooked food (1.1 percent vs 0.9 percent); oils, fats & seasonings (0.3 percent vs flat reading). Also, cost of fresh food rebounded (2.8 percent vs -0.1 percent) while prices for meals outside the home were unchanged for the third consecutive month (at 1 percent). Additionally, cost went up for housing (0.1 percent vs a flat reading) and advanced at a faster pace for culture & recreation (1.5 percent vs 1.3 percent).

Annual core consumer inflation, which excludes fresh food, fell to 0.6 percent in June, the lowest since July 2017, from 0.8 percent in May and also in line with estimates. 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 0.5 percent year-on-year in June, the same as in a month earlier and slightly below estimates of a 0.6 percent rise.

On a seasonally adjusted monthly basis, consumer prices were flat for the second sucessive month.


Statistics Japan l Rida Husna | rida@tradingeconomics.com
7/19/2019 8:28:42 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.70 0.70 24.90 -2.50 percent [+]
Inflation Rate Mom 0.00 0.00 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.60 101.80 102.00 17.40 Index Points [+]
Core Consumer Prices 101.60 101.80 101.80 31.00 Index Points [+]
Core Inflation Rate 0.60 0.80 24.70 -2.40 percent [+]
GDP Deflator 101.60 104.40 120.00 87.80 Index Points [+]
Producer Prices 101.20 101.80 112.50 47.40 Index Points [+]
Export Prices 93.20 94.30 207.30 84.10 Index Points [+]
Import Prices 95.40 97.40 190.40 45.90 Index Points [+]
Food Inflation 1.40 0.80 31.60 -3.70 percent [+]
CPI Housing Utilities 99.70 99.70 102.20 25.50 Index Points [+]
CPI Transportation 98.30 99.20 104.40 38.50 Index Points [+]
Producer Prices Change -0.10 0.60 33.90 -8.60 percent [+]
Tokyo Cpi 101.60 101.60 104.30 31.30 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.70 24.90 -2.50 1958 - 2019 percent Monthly
2015=100




Country Last Previous
Argentina 55.80 Jun/19
Australia 1.30 Mar/19
Brazil 3.37 Jun/19
Canada 2.00 Jun/19
China 2.70 Jun/19
Euro Area 1.30 Jun/19
France 1.20 Jun/19
Germany 1.60 Jun/19
India 3.18 Jun/19
Indonesia 3.28 Jun/19
Italy 0.70 Jun/19
Japan 0.70 Jun/19
Mexico 3.95 Jun/19
Netherlands 2.70 Jun/19
Russia 4.70 Jun/19
Saudi Arabia -1.50 May/19
Singapore 0.90 May/19
South Africa 4.50 May/19
South Korea 0.70 Jun/19
Spain 0.40 Jun/19
Switzerland 0.60 Jun/19
Turkey 15.72 Jun/19
United Kingdom 2.00 Jun/19
United States 1.60 Jun/19


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