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Japan consumer prices fell 1.2% in April

On Friday, the Ministry of Internal Affairs and Communications announced that Japan’s consumer price index had fallen 1.2% in April, while core consumer prices (excluding fresh food) tumbled 1.5%.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here is a breakdown of CPI categories for April:
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Japan core CPI falls at record pace for fourth month in August

On Tuesday, the Ministry of Internal Affairs and Communications announced that Japan’s consumer price index had fallen 2.2% in August, while core consumer prices (excluding fresh food) tumbled a record 2.4%. Core CPI has now fallen at a record pace for four consecutive months.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here is a breakdown of CPI categories for August: Read more

Nikkei: Store brands and online sales contributing to CPI spiral

Japan’s core consumer prices fell a record 2.2% in July, showing a fall for the fifth consecutive month. Earlier today, the Nikkei published a piece illustrating the negative effect that store brands and online sales are having on consumer prices. According to the paper:

Aeon Co. began selling a store brand 350ml soft drink for 29 yen this summer. Major discount chain operator Trial Company Inc. responded immediately, slashing the price of a comparable product to 25 yen at some of its stores. The company even lowered the price to 19 yen at stores in Aeon’s home base of Chiba Prefecture.

19 yen for 350ml soft drinks? I’ve never actually seen such a thing, but that is a remarkable difference from the usual 120 yen or so. Further pushing down consumer prices:

990 yen jeans by Fast Retailing Co.’s g.u. stores sparked a price-cutting frenzy that saw Daiei Inc. and other discount retailers sell jeans for 880-980 yen.

Just a couple of weeks ago someone tried to convince me of the virtues of $500 jeans. I wasn’t listening, but I have a hard time imagining $10 jeans to anything approaching comfortable.

Of course, Japan’s “core” consumer prices strip out fresh food but not energy, and when energy prices are stripped out July saw a 0.9% fall in “core core” CPI.

With its benchmark interest rate at 0.1%, the Bank of Japan has few weapons at its disposal to fight deflation. And when consumers expect lower prices in the future, you can bet that purchases are going to be delayed.

We will start to see the effect of dropping oil prices soon. Crude oil hit an all-time high of $147.27 a barrel in July 2008, and has lost about half of its value since then. However, oil prices have been on the rise recently, and firms may find it difficult to continue to pay higher prices for resources without cutting wages further.

Japan’s core Consumer Price Index fell at fastest pace ever in May

On Friday, the Ministry of Internal Affairs and Communications announced that Japan’s consumer price index had fallen 1.1% in May. May’s figures well exceeded the 0.1% drop seen in March and April, and showed a decline for the third consecutive month.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for May: Read more

Japan’s April consumer price index down 0.1%

On Friday, the Ministry of Internal Affairs and Communications announced that Japan’s consumer price index had fallen 0.1% in April. April’s figures matched that of March, and thus a decline in Japan’s consumer prices has been seen for two consecutive months.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for April: Read more

Japan consumer prices see 0.2% rise in December, flat when energy prices stripped out

According to data released today by the Ministry of Internal Affairs and Communications, Japan’s “core” consumer prices rose just 0.2% in December as declining oil prices continue to add deflationary pressure. December was the fifteenth month in which core consumer prices rose.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for December:

• December general nationwide consumer price index: +0.4% (+1.0% in November)
• December general nationwide consumer price index (excluding rent): +0.4% (+1.2% in November)
• December nationwide core CPI (excluding fresh food): +0.2% (+1.0% in November)
• December nationwide consumer price index (excluding fresh food and energy): 0.0 (+0.0% in November)

These figures are a far cry from the oil-price-induced inflation that was seen over last summer. Let’s take a look at how individual categories contributed to December inflation: Read more

Japan’s core CPI up 1.0% in November, flat with energy costs stripped out

After seeing rises of 1.9% in October, 2.3% in September and 2.4% in both July and August, Japan’s core consumer price index cooled to 1.0% in November, according to data released today by the Ministry of Internal Affairs and Communications. November was thus the fourteenth consecutive month in which Japan’s core consumer prices have seen an increase.

As Japan includes energy prices as part of its core CPI, it’s always helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for November: Read more

Japan’s consumer price index up 1.9% in October; deflationary fears afoot

Last Friday, the Ministry of Internal Affairs and Communications announced that Japan’s core consumer price index rose 1.9% in October, down slightly from the 2.3% rise seen in September, and up for the 13th consecutive month.

As Japan includes energy prices as part of its core CPI, it’s also helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for October:

• October general nationwide consumer price index: +1.7% (+2.1% in September)
• October general nationwide consumer price index (excluding rent): +2.1% (+2.4% in September)
• October nationwide core CPI (excluding fresh food): +1.9% (+2.3% in September)
• October nationwide consumer price index (excluding fresh food and energy): +0.2 (+0.2% in September)

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Japan’s core consumer prices rose 2.3% in September, down from July and August

In both July and August, Japan’s core consumer prices saw a 2.4% rise. According to data released at the end of last week, core consumer prices rose at a 2.3% pace in September. Core consumer prices have now risen for 12 straight months.

As Japan includes energy prices as part of its core CPI, it’s also helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for September:

• September general nationwide consumer price index: +2.1% (+2.1% in August)
• September general nationwide consumer price index (excluding rent): +2.4% (+2.5% in August)
• September nationwide core CPI (excluding fresh food): +2.3% (+2.4% in August)
• September nationwide consumer price index (excluding fresh food and energy): +0.2 (+0.0% in August)

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Japan’s consumer price index jumps 2.4% in August; retail sales showing slow growth

Data released last week by the Ministry of Internal Affairs and Communications showed Japan’s core consumer prices up 2.4% compared to a year ago, matching the figures seen in July. Core consumer prices have now risen for 11 straight months.

Because Japan includes energy prices as part of its core CPI, it’s also helpful to look at what the CPI looks like with energy stripped out. Here’s a breakdown of CPI categories for August: Read more

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