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August 18, 2023JAPAN CPI INFLATION, JULY 2023 
Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 3.3% in July 2023 - about the same pace as reported for June and down from a recent peak of 4.4% in January 2023.
Japan's underlying inflation (all items excluding fresh food and energy) was little changed at 4.3%, still the fastest increase since 1981.
Japan's energy prices were down 8.7% year-over-year in July 2023, though Japan's food inflation was +8.7% over this period.
Japan's inflation has generally been slower than what has been observed in Canada and Nova Scotia during the recent inflationary period. However, inflation has been decelerating rapidly in Canada and is currently about the same as Japan's inflation.
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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