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February 18, 2022JAPAN CPI INFLATION, JANUARY 2022 
Japan’s CPI inflation (all items, year-over-year) increased 0.5% in January compared to January 2021.
Japan's underlying inflation (all items excluding fresh food and energy) decreased 1.2%.
Japan's energy prices have rebounded from their declines in 2020, accelerating to 17.9% from January 2021 to January 2022. Japan's food prices rose 2.0% over this period.
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, experienced deflation at a later time than Canada did and the subsequent rebound from deflation and low inflation appears to lag the trend observed in Canada.
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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