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January 24, 2025JAPAN CPI INFLATION, DECEMBER AND ANNUAL 2024 Year-over-year (December 2024 vs December 2023)
Japan’s inflation (all items, year-over-year growth in consumer price index) accelerated to 3.7% in December 2024. Japan's underlying inflation (all items excluding fresh food and energy) was stable at 2.4%.
Japan's energy prices were up 10.1% in December 2024 compared with December 2023. Japan's food inflation rate was up 6.3% over this period.
Japan's inflation was highest at the end of 2022 and the beginning of 2023, but was lower than inflation in Canada. With Canada's and Nova Scotia's inflation rates decelerating faster in 2024, inflation has been higher in Japan for the past six months.
Annual (2024 vs 2023)
On an annual basis, Japan's CPI inflation averaged 2.7% in 2024. Excluding fresh food and energy, Japan's inflation was 2.4% in 2024.
Japan's annual energy inflation was up 3.8% in 2024 while food prices increased by 4.3% on average.
Japan's annual inflation was stronger than annual inflation in Canada or Nova Scotia.
Sources: Japan Statistics Bureau - Consumer Price Index; Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted; Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted
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