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

October 20, 2023

Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 3.0% in September 2023 - slowing for the second consecutive month 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%, though in 2023 it has been growing at its fastest pace since the early 1980s

Japan's energy prices were down 11.7% year-over-year in September 2023, while Japan's food inflation was +8.9% 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.  Early in the summer, there were months when inflation in Canada and Nova Scotia was slower than in Japan.  But with recent resurgence of inflation in Canada and continued slowing of inflation in Japan, Japanese price growth is once again slower than in Canada.

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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