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

September 18, 2020

Japan’s CPI inflation (all items, year-over-year) slowed 0.2 per cent in August 2020. Energy prices declined 3.5 per cent year-over-year, while food inflation accelerated to 2.9 per cent in August 2020.

Japan's underlying inflation decelerated, with prices for all items excluding food and energy falling 0.1 per cent, the first year-over-year decline since late 2013.

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.  Nova Scotia's year-over-year inflation has been negative because crude oil-related prices are a larger share of the province's consumption basket.  Although energy prices are down as well in Japan, the deceleration of Japanese inflation observed from December to August has been similar to periodic slowdowns observed since 2018.

Sources: 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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