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Make it nine straight months: Core consumer price index falls again in September

October 26, 2007
By Ken Worsley


According to data released today by the Ministry of Internal Affairs and Communications, Japan’s core consumer prices fell for the ninth consecutive month in September, dropping 0.1%.

The overall consumer price index fell by 0.2% compared to September of last year, while in Tokyo it rose 0.1%.

Core consumer prices (which do not include fresh food) fell 0.1% nationwide and were unchanged on the year in Tokyo.

Core consumer prices minus energy costs (the system used in the US to compute core CPI) fell 0.3% nationwide and by the same rate in Tokyo.

Will this month’s figures again go unnoticed the Bank of Japan’s policy board? The Nikkei has already exhorted the bank to pay more attention to consumer sentiment in determining its policy on interest rate hikes, although some BOJ members have remained bullish in their statements supporting another rate hike sometime in the next few months…

Filed Under Consumer Price Index, Economic Reports 

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Comments

7 Responses to “Make it nine straight months: Core consumer price index falls again in September”

  1. Garrett on October 26th, 2007 10:54 pm

    Why does Japan include energy and food in the CPI? Isn’t that somewhat disingenuous, not to mention less useful? Haven’t they heard of the famous cocktail napkin?

  2. Ken Worsley on October 26th, 2007 11:07 pm

    General CPI includes all - same as everywhere
    Core CPI has no fresh food in Japan, but includes energy
    Core CPI has no fresh food and energy in the US

    Energy used to be excluded from core CPI in Japan. It’s not now.

  3. John S on October 27th, 2007 3:37 am

    As far as the consumers who aren’t spending enough go, do you think they’re terrorists, terrorist sympathizers, or communists?

  4. Garrett on October 27th, 2007 9:12 am

    Thanks, Ken.

    John, they’re definitely Communists. If they also oppose the LDP’s wishes for the MSDF mission, they’re terrorists. If not, they’re just sympathizers.

  5. Jun Okumura on October 27th, 2007 2:24 pm

    Hard to see a rate hike through next summer, isn’t it?

  6. Ken Worsley on October 28th, 2007 2:23 am

    Jun, it’s hard for me to see a hike, especially if GDP doesn’t pick up. Given the length of economic cycles and what looks like an upcoming decline in the Tankan coupled with a possible consumption tax hike, I find it hard to see space for a rate hike, though one could be forced in.

  7. Japan’s consumer price index jumps 2.4% in August; retail sales showing slow growth Japan Economy News & Blog - Business, Economy, Marketing and Economic Reports on September 30th, 2008 12:40 am

    […] by no means a trend yet, but the possibility of CPI rises easing over the coming months is strong. September 2007 was the last month in which core CPI fell, and CPI excluding energy fell by 0.3% in that month. Thus, from October we should start to see […]

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