The annual inflation rate in Japan was unchanged at 3.3% in July 2023 but was notably higher than market forecasts of 2.5%. Prices continued to rise for food (8.8% vs 8.4% in June), housing (1.1% vs 1.1%), transport (2.2% vs 2.2%); furniture & household utensils (8.4% vs 8.6%); clothes (4.1% vs 3.9%), medical care (2.2% vs 2.4%), education (1.3% vs 1.3%), culture & recreation (4.8% vs 3.5%), and miscellaneous (1.2% vs 1.5%). In contrast, prices of fuel, light, and water charges decreased for the sixth month in a row (-9.6% vs -6.6%), mainly due to electricity (-16.6% vs -12.4%). Meantime, core inflation fell to a 4-month low of 3.1% in July, from 3.3% in June, matching consensus but staying outside the Bank of Japan's 2% target for the 16th month. On a monthly basis, consumer prices rose 0.4%, the most in three months, after a 0.2% gain in June. source: Ministry of Internal Affairs & Communications
Inflation Rate in Japan averaged 2.85 percent from 1958 until 2023, 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. 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 - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.
Inflation Rate in Japan is expected to be 3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Inflation Rate is projected to trend around 1.90 percent in 2024 and 1.60 percent in 2025, according to our econometric models.