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For additional information relating to this article, please contact:

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

January 20, 2023

Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 4.0% in December. This was the fastest year-over-year CPI inflation in Japan since December 1981.  Japan's underlying inflation (all items excluding fresh food and energy) increased to 3.0%.

On an annual basis, Japan's CPI inflation averaged 2.5% in 2022, the fastest growth since 2014.  Exlcuding fresh food and energy, Japan's inflation was 1.0% in 2022.

Japan's energy prices were up 15.2% in December 2022 compared with December 2021. Japan's food inflation increased 6.9% over this period. 

Japan's annual energy inflation was 17.1% in 2022 while food prices increased by 4.5% on average.

In 2020, the COVID-19 pandemic and low oil prices reduced price growth in many countries. In 2021 and the first half of 2022, there has been a rebound and acceleration in inflation for Canada and Nova Scotia (which is more exposed to oil price fluctuations).

Japan had lower inflation prior to 2020 and experienced a period of deflation during the pandemic later than Canada. In recent months, the inflation rate in Japan has been increasing while inflation in Canada has started to trend down.

Although Japan's annual inflation was the strongest since 2014, it was considerably slower than annual inflation in Canada or Nova Scotia.  

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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