Japan's consumer price inflation rose to 0.5 percent year-on-year in March 2019 from 0.2 percent in the previous month and in line with market consensus. It was the highest inflation rate since November last year, as cost of both food and transport declined at a softer pace. On a seasonally adjusted monthly basis, consumer prices were unchanged in March, the same as in February. Inflation Rate in Japan averaged 2.98 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
2019-01-17 11:30 PM Inflation Rate YoY 0.3% 0.8% 0.3% 0.6%
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 0.5% 0.4% 0.3%
2019-06-20 11:30 PM Inflation Rate YoY 1.1%
2019-07-18 11:30 PM Inflation Rate YoY 0.7%



Japan March Inflation Rate Rises to 4-Month High of 0.5%

Japan's consumer price inflation rose to 0.5 percent year-on-year in March 2019 from 0.2 percent in the previous month and in line with market consensus. It was the highest inflation rate since November last year, as cost of both food and transport declined at a softer pace.

Prices of food dropped by 0.3 percent year-on-year in March, after a 1.4 percent fall in February and marking the fourth consecutive decline. Among food, cost decreased less for fresh food (-5.9 percent vs -10.9 percent in February); vegetables & seaweeds (-9 percent vs -15 percent), of which fresh vegetables (-14.3 percent vs -22.2 percent); and oils, fats & seasonings (-0.2 percent vs -0.3 percent). Additionally, prices rose further for both meals outside the home (1.1 percent vs 1 percent); and meat (0.9 percent vs 0.4 percent), and rebounded for fruits (2.8 percent vs -1 percent), namely fresh fruits (2.7 percent vs -1.4 percent). Meantime, inflation slowed for cereals (0.6 percent vs 0.7 percent); dairy products & eggs (2.3 percent vs 2.4 percent); fish & seafood (1.1 percent vs 1.5 percent), mostly fresh fish & seafood (-0.3 percent vs 0.6 percent); and cooked food (0.3 percent vs 0.5 percent).

Also, cost of transportation & communication fell less (-0.3 percent vs -0.6 percent) and prices advanced further for furniture and household utensils (1.5 percent vs 0.8 percent); miscellaneous goods & services (1 percent vs 0.9 percent); and medical care (1.3 percent vs 1.1 percent). In addition, cost of clothes & footwear rebounded (0.1 percent vs -0.1 percent). On the other hand, prices eased fuel, light & water charges (5.1 percent vs 5.3 percent), namely electricity (7.2 percent vs 7.7 percent); and culture & recreation (0.9 percent vs 1.4 percent); and inflation was steady for education (0.5 percent). Also, cost of housing was flat for the second straight month.

Annual core consumer inflation, which excludes fresh food, inched higher to 0.8 percent in March from 0.7 percent in February and slightly above market consensus of 0.7 percent. The figure came in well below the Bank of Japan's target of 2 percent.


On a seasonally adjusted monthly basis, consumer prices were unchanged in March, the same as in February.


Statistics Japan l Rida Husna | rida@tradingeconomics.com
4/19/2019 9:46:51 AM



Japan Prices Last Previous Highest Lowest Unit
Inflation Rate 0.50 0.20 24.90 -2.50 percent [+]
Inflation Rate Mom 0.00 0.00 4.10 -1.10 percent [+]
Consumer Price Index CPI 101.50 101.50 102.00 17.40 Index Points [+]
Core Consumer Prices 101.50 101.30 101.60 31.00 Index Points [+]
Core Inflation Rate 0.80 0.70 24.70 -2.40 percent [+]
GDP Deflator 104.40 101.00 120.00 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 -0.30 -1.40 31.60 -3.70 percent [+]
CPI Housing Utilities 99.60 99.60 102.20 25.50 Index Points [+]
CPI Transportation 99.20 98.80 104.40 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
0.50 0.20 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 0.50 Mar/19
Mexico 4.41 Apr/19
Netherlands 2.90 Apr/19
Russia 5.20 Apr/19
Saudi Arabia -2.10 Mar/19
Singapore 0.60 Mar/19
South Africa 4.50 Mar/19
South Korea 0.60 Apr/19
Spain 1.50 Apr/19
Switzerland 0.70 Apr/19
Turkey 19.50 Apr/19
United Kingdom 1.90 Mar/19
United States 2.00 Apr/19


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