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Inflation in Japan
Japan generally experienced low inflation from 2013 to 2022, often below 1% and even slipping into negative territory, despite the Bank of Japan's aggressive monetary easing policies. This trend was attributed to a combination of factors, including an aging population, stagnant wage growth, and a culture of price sensitivity among consumers. However, the aftermath of the COVID-19 pandemic has seen inflation rise to multi-decade highs, raising hopes that Japan may be breaking free of its past trend of persistently low price pressures.
Consumer price inflation in Japan averaged 0.8% in the ten years to 2022, below the Major Economies regional average of 2.1%. The 2022 average figure was 2.5%. For more inflation information, visit our dedicated page.
Japan Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Japan from 2014 to 2023.
Source: Macrobond.
Japan Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 0.5 | 0.0 | -0.2 | 2.5 | 3.2 |
| Inflation (CPI, ann. var. %, eop) | 0.8 | -1.2 | 0.8 | 4.0 | 2.6 |
| Inflation (Core, ann. var. %, eop) | 0.8 | -1.1 | 0.6 | 4.0 | 2.2 |
| Inflation (Core, ann. var. %, aop) | 0.6 | -0.2 | -0.2 | 2.3 | 3.1 |
| Inflation (PPI, ann. var. %, aop) | 0.2 | -1.2 | 4.6 | 9.8 | 4.3 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Japanese inflation projections for the next ten years from a panel of 51 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Japanese inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Japanese inflation projections.
Want to get access to the full dataset of Japanese inflation forecasts? Send an email to info@focus-economics.com.
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