CPI is released by Statistics Bureau of Japan. There are 3 types of CPI in Japan:
1. CPI: CPI is based on general consuming behavior at each household and measures the changes of expenditure of the same basket of goods or service.
2. Core CPI: Core CPI is CPI excluding "food". BOJ monitors closely on core CPI and, in early 2013, set up a goal of 2% YoY growth of core CPI.
3. Core core CPI: Core core CPI is core CPI excluding "fuel". It reflects more realistically the shopping behavior of household.
Since BOJ implemented its QQE program in 2013, overall inflation has risen. It stayed at 3% temporarily after the government raised consumption taxes from 5% to 8% back in April 2014. At the time, CPI of Tokyo- one of the most important momentum for the nation's economy, has improved a great deal.
A while after raising consumption taxes, however, international commodity prices dropped sharply and Yen spiked, weak inflation again was troubling Japan. It was not until the economy recovered in 2017 with rebounds in commodity prices and strong growth of wages that inflation was back on the rise.
The government raised consumption taxes to 10% in October 2019.
Japan CPI (YoY)2022-062.40%
Japan Core Core CPI (YoY)2022-061.00%
Japan Core CPI (YoY)2022-062.20%