The core consumer price index in Japan, which excludes fresh food but includes fuel costs, increased 2.2% in June 2022 from a year earlier, exceeding the central bank’s 2% target for a third straight month as higher global raw material costs have pushed up domestic prices. The core inflation print also matched market expectations and followed a 2.1% gain in May and April. Analysts suggested that rising fuel and food prices caused by the war in Ukraine and a weakening yen that inflates import costs are expected to keep Japan’s inflation above the central bank’s target for most of this year. This also presents a challenge to the Bank of Japan which views such cost-push inflation as temporary and a risk to consumption. The BOJ raised its core consumer inflation forecast for the current fiscal year to 2.3% from 1.9% in its July report, but maintained ultra-low interest rates despite a global shift toward tighter monetary settings. source: Statistics Bureau of Japan

Core Inflation Rate in Japan averaged 2.37 percent from 1971 until 2022, reaching an all time high of 24.70 percent in October of 1974 and a record low of -2.40 percent in August of 2009. This page provides - Japan Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Core Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.

Core Inflation Rate in Japan is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Core Inflation Rate is projected to trend around 0.70 percent in 2023, according to our econometric models.

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Japan Core Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-23 11:30 PM May 2.1% 2.1% 2.1% 2.1%
2022-07-21 11:30 PM Jun 2.2% 2.1% 2.2% 2.1%
2022-08-18 11:30 PM Jul 2.2% 2.4% 2.1%


Related Last Previous Unit Reference
Inflation Rate 2.40 2.50 percent Jun 2022
Inflation Rate Mom 0.00 0.30 percent Jun 2022
Consumer Price Index CPI 101.80 101.80 points Jun 2022
Core Consumer Prices 101.70 101.60 points Jun 2022
Core Inflation Rate 2.20 2.10 percent Jun 2022
CPI Housing Utilities 101.20 101.10 points Jun 2022
CPI Core Core 1.00 0.80 percent Jun 2022

Japan Core Inflation Rate
In Japan, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food.
Actual Previous Highest Lowest Dates Unit Frequency
2.20 2.10 24.70 -2.40 1971 - 2022 percent Monthly
NSA

News Stream
Japan Core Inflation Remains Above BoJ Target
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, increased 2.2% in June 2022 from a year earlier, exceeding the central bank’s 2% target for a third straight month as higher global raw material costs have pushed up domestic prices. The core inflation print also matched market expectations and followed a 2.1% gain in May and April. Analysts suggested that rising fuel and food prices caused by the war in Ukraine and a weakening yen that inflates import costs are expected to keep Japan’s inflation above the central bank’s target for most of this year. This also presents a challenge to the Bank of Japan which views such cost-push inflation as temporary and a risk to consumption. The BOJ raised its core consumer inflation forecast for the current fiscal year to 2.3% from 1.9% in its July report, but maintained ultra-low interest rates despite a global shift toward tighter monetary settings.
2022-07-22
Japan Core Inflation Remains Above BoJ Target
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, increased 2.1% in May 2022 from a year earlier, exceeding the central bank’s target for a second straight month and highlighting the intensifying pressure on the country’s fragile economy from soaring global raw material costs. The core inflation print also posted gains for the ninth consecutive month, with analysts suggesting that rising fuel and food prices caused by the war in Ukraine and a weakening yen that inflates import costs are expected to keep Japan’s inflation elevated for most of this year. This also presents a challenge to the Bank of Japan which views such cost-push inflation as temporary and a risk to consumption. BOJ Governor Haruhiko Kuroda has repeatedly said the central bank will keep monetary policy ultra-loose until robust domestic demand and strong wage growth become key drivers of inflation.
2022-06-24
Japan Core Inflation Jumps Above BoJ Target
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, jumped 2.1% in April 2022 from a year earlier, hitting a more than seven-year high and rising above the Bank of Japan’s 2% target, driven by a weak yen and surging energy and other raw material costs. The core inflation print also rose for the eight straight month and accelerated from a 0.8% increase in March. The rise in consumer prices poses a challenge for the Japanese central bank which has retained its massive monetary stimulus as it seeks to have inflation stably reach 2% on the back of strong wage growth. Meanwhile, the overall rate of price increases in Japan has remained modest compared with much sharper rises in the US and other advanced economies, as sluggish wage growth makes it harder for firms to pass on higher prices to consumers.
2022-05-20