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

November 24, 2023

Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 3.3% in October 2023 - rebounding after two months of deceleration.  

Japan's underlying inflation (all items excluding fresh food and energy) declined to 4.0%.

Japan's energy prices were down 8.6% year-over-year in October 2023, while 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.  Early in the summer, there were months when inflation in Canada and Nova Scotia was slower than in Japan, but Canadian inflation accelerated again later in the summer.  With Canadian inflation slowing again in the latest data, price growth in Canada and Japan was quite similar in October.  

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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