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Headline CPI Measures As Expected, Ex All Food & Energy Sticky At 2.7%Y/Y

JAPAN DATA

The National CPI print for Nov was in line with estimates. The headline at 2.8% y/y, ex fresh-food 2.5%, excluding fresh food and energy 3.8%. All measures also showed slowed y/y momentum versus Oct.

  • The core measure which excludes all food and energy was steady at 2.7% y/y, where it has been in recent months.
  • In m/m terms, headline was down -0.1%, driven by -0.3% good prices, although services prices rose 0.2% m/m, versus flat in Oct.
  • Food, utilities, transport and entertainment were all down in m/m terms. The most notable rises were in clothing and medical care.
  • In y/y terms, the main drags were from utilities (-11.4% y/y). Most goods components saw slower y/y momentum, but services areas either were steady or saw y/y gains.
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