September 2022 Consumer Price Index
Range of price hikes expands further, with core CPI at +3.0% y/y
October 21, 2022
Summary
◆Japan’s September 2022 core CPI (excluding fresh foods) was at +3.0% y/y, with the growth rate up by 0.2%pt in comparison to the previous month. Growth rates grew for durable goods, semi-durable goods, non-durable goods (excluding fresh foods). Non-durable goods continued to bring a major boost to overall performance, while price hikes spread to many other components.
◆Japan’s core CPI is expected to continue experiencing upward pressure influenced by high import prices. While government policies, such as Nationwide Travel Support and the program to mitigate extreme fluctuations in the price of fuel oil, are expected to hinder growth in prices somewhat, the high price of imports will continue to spread with a time lag throughout the country in a ripple effect, and Core CPI is expected to move in the range of the upper 2% level to the lower 3% level through the FY2022 period.
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