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

September 22, 2023

Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 3.1% in August 2023 - at a slower pace than reported for July 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 9.8% year-over-year in August 2023, though Japan's food inflation was +8.6% 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 just above Japan's inflation.  

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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