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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

June 19, 2020


Japan’s CPI inflation (all items, year-over-year) was flat in May 2020 after decelerating in each of the last four months.

Energy prices declined 6.7 per cent year over year while food prices were up 2.1 per cent in May 2020. Japan's underlying inflation was 0.4 per cent (all items excluding fresh food and energy), quicker than the 0.2 per cent increase observed in April 2020.

During the COVID-19 pandemic, the impacts on prices have been sharply negative in Canada as a large drop in energy (especially petroleum) prices caused a sharp deceleration in year-over-year inflation at both national and provincial levels.  Although energy prices are down as well in Japan, the deceleration of Japanese inflation observed from December to March has been similar to periodic slowdowns observed since 2018.




Japan Statistics Bureau - Consumer Price Index

Statistics Canada.  Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjustedTable 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted

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