Japanese national CPI data for July and Tokyo CPI for August

(Note: Tokyo CPI data is available a month earlier than the National CPI)

National CPI y/y for July, 0.2% y/y

  • expected 0.2%, prior was 0.4%

National CPI y/y excluding Fresh Food for July, 0.0% y/y

  • expected -0.2%, prior was 0.1%

National CPI excluding Food, Energy y/y for July, 0.6% y/y

  • expected 0.6%, prior was 0.6%

Tokyo CPI y/y for August, 0.1% y/y

  • expected is 0.1%, prior was 0.1%, revised from 0.2%

Tokyo CPI excluding Fresh Food y/y for August, -0.1% y/y

  • expected -0.2%, prior was -0.1%

Tokyo CPI excluding Food, Energy y/y for August, 0.4% y/y

  • expected 0.3%, prior was 0.3%

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Quick take:

  • Core (National) prices unchanged on the year
  • This is higher than expectations, which were for a 0.2% fall on the year
  • Note - In Japan, the 'core measure is that one that excludes Fresh Food
  • the 'so called 'core-core' which excludes Food and Energy and is therefore similar to many of the core measures of inflation used globally, is up a much larger 0.6%. This gives us some indication of what will happen to headline inflation if the price of oil recovers
  • Core prices in Tokyo a touch lower on the year