Report

3/20/2025 - February 2025

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CPI: February 2025

Japan’s CPI fell -0.4% MoM and the annual rate eased from 4.0% YoY in January to 3.7% YoY in February. This is the largest monthly decline since February 2023.

• CPI less fresh food fell -0.1% MoM. The annual rate was 3.0% YoY, down from 3.2% YoY previously but slightly above expectations of a 2.9% YoY increase.
• Food prices fell -0.5% MoM with fresh food dropping -5.2% MoM after two large increases in December and January.
• Energy also saw a large decline, down -3.6% MoM, reversing large increases in November and December.
• Furniture & household goods fell -0.1% MoM including another decline in household durable goods.
• Culture & recreation increased 0.4% MoM and transportation & communication edged up 0.2% MoM. </aside>

2/20/2025 - January 2025

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CPI: January 2025

Japan’s CPI increased 0.5% MoM and 4.0% YoY in January, up from 3.6% YoY and the highest annual rate since January 2023.

• CPI less fresh food, the BoJ’s measure of core inflation, was up a slower 0.2% MoM but still accelerated to 3.2% YoY (up from 3.0% YoY previously), the highest since June 2023.
• Food prices jumped 1.8% MoM with fresh food surging 7.1% MoM, the highest monthly jump since January 2023.
• Energy increased 0.9% MoM, building on two sharp increases in November and December.
• Elsewhere, inflation was tame with sizeable declines in clothing (-1.7% MoM) and culture and recreation (-1.1% MoM).
• These were offset by increases in transport & communication prices (+1.0% MoM) and furniture & household goods (+0.4% MoM). </aside>

1/24/2025 - December 2024

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CPI: December 2024

Japanese CPI inflation accelerated to 0.6% MoM and 3.6% YoY in December, up from 0.4% MoM and 2.9% YoY in November. The BoJ’s preferred inflation measure, CPI less fresh food, was up 0.3% MoM and 3.0% YoY, up from 2.7% YoY previously and in line with expectations of a 3.0% YoY reading. December saw high monthly rates in fresh food (+5.7% MoM) and energy (+4.1% MoM) that drove these measures higher. When looking at a traditional core measure, CPI less food and energy, prices were unchanged and up just 1.6% YoY.

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12/20/2024 - November 2024

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CPI: November 2024

Japan’s CPI accelerated to 2.9% YoY in November, up from 2.3% YoY in October. CPI less fresh food also accelerated, up from 2.3% YoY to 2.7% YoY. Food prices continued a strong run, up 0.7% MoM, and are now up 4.8% YoY with the fresh food index up 8.7% YoY. Furniture and household goods was the main deflationary impulse, down -0.6% MoM with durable goods posting their largest monthly decline since December 2022. Energy prices, on the other hand, flared up with a 2.7% MoM increase, the largest since July.

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