Japan’s CPI increased 0.3% MoM and 2.9% YoY in November, down from the 3-month high of 3.0% YoY in October. The monthly increase was slightly lower than 0.4% MoM in November 2024.

• CPI (ex fresh food) advanced 0.4% MoM, and the annual rate remained at 3.0% YoY which was in line with analyst projections.
• Core inflation (ex food and energy) remained at 1.6% YoY after remaining flat on a monthly basis.
• Food inflation slowed to 6.1% YoY (down from 6.4% YoY previously), the lowest since November 2024, with fresh food inflation easing to 1.5% YoY (down from 2.2% YoY previously), the lowest since October 2021.
• Energy inflation ticked up to 2.5% YoY in November, the strongest since June, after jumping 3.1% MoM.
• Other segments saw little movement in the annual rates.