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June 18, 2021JAPAN CPI INFLATION, MAY 2021 
Japan’s CPI inflation (all items, year-over-year) declined 0.1% in May 2021 compared to May 2020. This is the eighth consecutive month of negative inflation in Japan.
Japan's energy prices have rebounded from their declines in 2020, rising 4.1% from May 2020 to May 2021. Japan's food prices declined 0.9% over this period.
Japan's underlying inflation (all items excluding fresh food and energy) edged down 0.2%.
In 2020, the COVID-19 pandemic combined with low oil prices to reduce price growth. As economic conditions and oil prices normalized in 2021, there has been a rebound in inflation for Canada and Nova Scotia (which is more exposed to oil price fluctuations). Japan, however, did not experience as much deflationary pressures as Canada did in 2020 and consequently is not exhibiting the same rising inflation in 2021.
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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