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September 24, 2021

Japan’s CPI inflation (all items, year-over-year) increased 0.4% in August 2021 compared to August 2020. This is third consecutive month of positive year-over-year inflation in Japan following eight months of deflation.

Japan's underlying inflation (all items excluding fresh food and energy) increased 0.3%.

Japan's energy prices have rebounded from their declines in 2020, rising 5.6% from August 2020 to August 2021. Japan's food prices declined 1.0% over this period.   

In 2020, the COVID-19 pandemic combined with low oil prices to reduce price growth. As economic conditions and oil prices normalized in 2021, there has been a rebound in inflation for Canada and Nova Scotia (which is more exposed to oil price fluctuations). Japan, however, did not experience deflationary pressures at the same time as Canada did in 2020 and consequently is not exhibiting the same rising inflation so far in 2021.

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