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June 24, 2022JAPAN CPI INFLATION, MAY 2022 
Japan’s inflation (all items, year-over-year growth in consumer price index) was steady at 2.4% in May. This is the second consecutive month with inflation above 2%, a rate not seen since March of 2015.
Japan's underlying inflation (all items excluding fresh food and energy) increased 0.8%, also stable from last month.
Japan's energy prices decelerated from last month slowing to a 17.1% increase from May 2021 to May 2022. Japan's food inflation accelerated to 4.1% over this period.
In 2020, the COVID-19 pandemic and low oil prices reduced price growth in many countries. In 2021 and early 2022, there has been a rebound and acceleration in inflation for Canada and Nova Scotia (which is more exposed to oil price fluctuations). Japan had lower inflation prior to 2020 and experienced a period of deflation during pandemic later than Canada. In recent months, the inflation rate in Japan has been increasing to a lesser degree than in Canada.
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