$JPIRYY -Japan Inflation Rate YoY
Updated
JPIRYY (March/2024)The annual inflation rate in Japan ticked lower to 2.7% in March 2024 from February's 3-month peak of 2.8%, matching market consensus.
There were slowdowns in prices of transport (2.9% vs 3.0% in February), clothes (2.0% vs 2.6%), furniture & household utensils (3.2% vs 5.1%), healthcare (1.5% vs 1.8%), communication (0.2% vs 1.4%), and culture & recreation (7.2% vs 7.3%).
At the same time, inflation was stable for food (at 4.8%), housing (at 0.6%), education (at 1.3%), and miscellaneous (at 1.1%).
Meanwhile, prices of fuel, and light dropped the least in a year (-1.7% vs -3.0%), with electricity (-1.0% and -2.5%) and gas (-7.1% vs -9.4%) falling at softer paces as energy subsidies from the government would fully end in May.
The core inflation rate fell to 2.6% from a four-month top of 2.8%, slightly below forecasts of 2.7%. Monthly, consumer prices rose by 0.2% in March, the most since last October, after being flat in the prior two months.
source: Ministry of Internal Affairs & Communications
Note
JPIRYY (May/2024)source: Ministry of Internal Affairs & Communications
-The annual inflation rate in Japan accelerated to 2.8% in May 2024 from 2.5% in April,
pointing to the highest reading since February.
The core inflation rate increased to 2.5% from April's 3-month low of 2.2%,
compared with market forecasts of 2.6%.
Monthly, the CPI rose by 0.5%, the most since last October.
Note
JPIRYY (June/2024) 2.8%source: Ministry of Internal Affairs & Communications
The annual inflation rate in Japan stood at 2.8% in June 2024, holding steady for the second straight month while remaining at its highest level since February. Electricity prices stayed elevated (13.4% vs 14.7% in May) while the cost of gas rose for the first time in 13 months (2.4% vs -2.5%) after energy subsidies fully ended in May.
At the same time, prices continued to rise for food (3.6% vs 4.1%), housing (0.6% vs 0.6%), transport (2.5% vs 2.3%), furniture & household utensils (3.7% vs 2.9%), clothes (2.2% vs 2.2%), healthcare (1.4% vs 1.1%), culture (5.6% vs 5.2%), communication (1.3% vs 0.4%), and miscellaneous (1.1% vs 1.2%).
By contrast, education prices fell for the third month (-1.0% vs -1.0%). Meanwhile, the core inflation rate hit a three-month top of 2.6% in June, accelerating for the second month and keeping market expectations that the central bank could raise interest rates soon.
Monthly, the CPI rose by 0.3%, slowing from the steepest pace in 7 months of 0.5% in May.
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