Japan Inflation July 2022


Japan: Inflation comes in at highest level since October 2014 in July

August 23, 2022

Consumer prices rose 0.48% from the previous month in July, accelerating from the 0.01% rise seen in June. July's uptick was the sharpest increase in prices since January 2021.

Inflation edged up to 2.6% in July, above June’s 2.4%. July's reading marked the highest inflation rate since October 2014. The upturn was chiefly driven by soaring food and energy prices, as well as a weak yen amid the fallout from the war in Ukraine. Meanwhile, the trend pointed up, with annual average inflation coming in at 1.2% in July (June: 0.9%). Lastly, core inflation ticked up to 2.4% in July, from the previous month's 2.2%.

FocusEconomics panelists see a rise in consumer prices of 2.0% in 2022, which is up 0.1 percentage points from last month’s forecast, while in 2023, our panelists project consumer prices to rise 1.2%.


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Japan Inflation Chart

Japan Inflation July 2022

Note: Year-on-year and seasonally adjusted month-on-month variation of consumer price index in %.
Source: Statistics Bureau (SB) and FocusEconomics calculations.

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