$JPIRYY -Japan's CPI (September/2024)

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JPIRYY 2.5%
(September/2024)
source: Ministry of Internal Affairs & Communications


- The annual inflation rate in Japan fell to 2.5% in September 2024 from 3.0% in the prior month, marking the lowest reading since April.
Electricity prices increased the least in three months as the impact of energy subsidy removal in May waned (15.2% vs. 26.2% in August), and the cost of gas rose much more slowly (7.7% vs. 11.1%).
Moreover, costs moderated for food (3.4% vs. 3.6%), furniture & household utensils (4.8% vs. 5.2%), transport (0.1% vs. 0.2%), and culture (4.3% vs. 4.8%).
Additionally, prices fell further for communication (-2.6% vs. -2.4%) and education (-1.0% vs. -1.0%).
On the other hand, inflation remained unchanged for housing (0.7%) and healthcare (1.5%), while edging higher for clothes (2.4% vs. 2.3%) and miscellaneous (0.9% vs. 0.8%).
Meanwhile, the core inflation rate hit a five-month low of 2.4%, down from August's 2.8%, compared with the consensus of 2.3%.
On a monthly basis, the CPI declined by 0.3%, pointing to the first drop since February 2023.