Japanese inflation data is due at 2330 GMT (1830 US Eastern time) on Thursday, January 23, 2025 (which is Friday morning, Japan time).
Japan experienced a more or less steady increase in consumer prices over H2 of 2024, with a notable uptick in November.
-
July 2024: The core CPI, which excludes fresh food prices, increased by 2.7% y/y, up from 2.6% in June.
-
August 2024: The core CPI rose by 2.8% y/y, matching market expectations and marking the fourth consecutive month of acceleration.
-
September 2024: The core CPI growth slowed to 2.4% y/y, primarily due to the implementation of energy subsidies.
-
October 2024: The core CPI, which excludes fresh food prices, increased by 2.3% year-on-year (y/y). This marked a slight deceleration from the previous month’s growth rate. The slowdown was primarily attributed to the base effect of the prior year’s government decision to halve subsidies aimed at curbing fuel costs.
-
November 2024: The core CPI rose by 2.7% y/y, indicating an acceleration in inflation. This uptick was largely due to the government’s reduction of electricity and gas subsidies, which led to higher energy prices.