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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 23, 2020
JAPAN CPI INFLATION, SEPTEMBER 2020


Japan’s CPI inflation (all items, year-over-year) slowed to 0.1 per cent in September 2020. Energy inflation was stable at -3.5 per cent, while food inflation slowed to 1.9 per cent in September 2020.

Japan's underlying inflation (all items excluding food and energy) fell by 0.1 per cent, the second consecutive month of year-over-year decline after seven years of positive inflation.

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 September 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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