The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.6% YoY in March 2024, slowing from a four-month high of 2.8% in February and coming in below forecasts of 2.7%. The deceleration came due to mild rises in food prices, but stayed above the Bank of Japan’s 2% target due to the yen’s weakness and high commodity prices. Japan’s core inflation print has now been at or above the Bank of Japan’s 2% target for 24 consecutive months now. The central bank shifted monetary policy in March, raising interest rates for the first time since 2007 and ending eight years of negative interest rates amid rising wages and high inflation. However, the BOJ is expected to remain accommodative for some time, with board member Asahi Noguchi saying that the pace of future policy adjustment is expected to be slow and cannot be compared to that of other major central banks in the recent tightening cycle. source: Statistics Bureau of Japan

Core consumer prices in Japan increased 2.60 percent in March of 2024 over the same month in the previous year. Core Inflation Rate in Japan averaged 2.39 percent from 1971 until 2024, 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 April of 2024.

Core consumer prices in Japan increased 2.60 percent in March of 2024 over the same month in the previous year. Core Inflation Rate in Japan is expected to be 1.80 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 2.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-21 11:30 PM
Core Inflation Rate YoY
Feb 2.8% 2% 2.8% 2.7%
2024-04-18 11:30 PM
Core Inflation Rate YoY
Mar 2.6% 2.8% 2.7% 2.7%
2024-05-17 11:30 PM
Core Inflation Rate YoY
Apr


Related Last Previous Unit Reference
Consumer Price Index CPI 107.20 106.90 points Mar 2024
Core Consumer Prices 106.80 106.50 points Mar 2024
Core Inflation Rate YoY 2.60 2.80 percent Mar 2024
Inflation Rate Ex-Food and Energy YoY 2.90 3.20 percent Mar 2024
CPI Housing Utilities 102.80 102.80 points Mar 2024
Inflation Rate YoY 2.70 2.80 percent Mar 2024
Inflation Rate MoM 0.20 0.00 percent Mar 2024
Tokyo Core CPI YoY 1.60 2.40 percent Apr 2024
Tokyo CPI YoY 1.80 2.60 percent Apr 2024
Tokyo CPI Ex Food and Energy YoY 1.40 2.90 percent Apr 2024

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
2.60 2.80 24.70 -2.40 1971 - 2024 percent Monthly
NSA

News Stream
Japan Core Inflation Rate Slows More Than Expected
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.6% YoY in March 2024, slowing from a four-month high of 2.8% in February and coming in below forecasts of 2.7%. The deceleration came due to mild rises in food prices, but stayed above the Bank of Japan’s 2% target due to the yen’s weakness and high commodity prices. Japan’s core inflation print has now been at or above the Bank of Japan’s 2% target for 24 consecutive months now. The central bank shifted monetary policy in March, raising interest rates for the first time since 2007 and ending eight years of negative interest rates amid rising wages and high inflation. However, the BOJ is expected to remain accommodative for some time, with board member Asahi Noguchi saying that the pace of future policy adjustment is expected to be slow and cannot be compared to that of other major central banks in the recent tightening cycle.
2024-04-18
Japan Core Inflation Rate Hits 4-Month High
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.8% YoY in February 2024, accelerating from a 2% gain in January and posting the highest reading since October. The latest figure also matched analysts’ expectations. The rise is mainly due to base effects, as energy subsidies introduced by the government in February 2023 are losing their effect. Japan’s core inflation print has now been at or above the Bank of Japan’s 2% target for 23 consecutive months now. The central bank shifted monetary policy in March, raising interest rates for the first time since 2007 and ending eight years of negative interest rates amid rising wages and high inflation. The BOJ also halted yield curve control efforts, ended ETF and J-REIT purchases and announced plans to gradually reduce bond-buying activities. However, BOJ Governor Kazuo Ueda said the central bank will maintain an accommodative stance for some time, keeping rates at 0%.
2024-03-22
Japan Core Inflation Rate Slows Less than Expected
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2% in January 2024, slowing from a 2.3% gain in December and posting the lowest reading since March 2022. However, January's figure came in above market forecasts of 1.8%. Japan’s core inflation print is now within the central bank’s 2% target after exceeding that level for 21 consecutive months. That reduces the pressure on the Bank of Japan to raise interest rates following months of speculation that rising wages and price increases would force its hand. The latest figures also follow recent data showing Japan’s economy fell into a technical recession in the fourth quarter, losing its spot as the world’s third-largest economy to Germany.
2024-02-26