Japan's April national new core CPI slowed to +1.9% yoy, missing the +2.2% market forecast due to policy-driven price reductions and widespread deceleration in consumer goods.
Key Takeaways
- 1.Japan's April national new core CPI rose +1.9% yoy, significantly lower than the market consensus of +2.2%.
- 2.Policy factors, including free school lunches and nursery fees, contributed -0.2 percentage points to the CPI deceleration.
- 3.Service price inflation remained stable despite wage increases, with most private-sector services showing no notable acceleration in growth rates.
Table of Contents
- BOTTOM LINE
- KEY NUMBERS
- Year-on-year
- Month-on-month (seasonally adjusted)
- The Japan Economics Team
- Disclosure Appendix
- Global product; distributing entities
- General disclosures
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Authors
Tomohiro OtaAkira OtaniYuriko Tanaka
Themes
Inflation DecelerationGovernment Policy Impacts on CPIWage-Price Pass-through
Regions
Asia PacificJapan