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Japan Jan CPI -0.6% Y/Y; Energy Dips Further

JAPAN DATA
MNI (Singapore)
  • Japan's national average core consumer price index (excluding fresh food) declined 0.6% y/y in the first month of 2021, following the previous fall of 1.0% y/y.
  • Energy dropped 8.6% y/y, dipping further than last month's 8.1% y/y fall, contributing -0.68 percentage points to CPI.
  • The underlying inflation rate measured by the core-core CPI (excluding fresh food and energy) edged up 0.1% y/y, up from the previous 0.4% y/y decline.
  • Prices for ex-perishables fell 0.1% y/y in January, unchanged from the previous decline.
  • Prices for household spending rose 3.1% y/y after the previous 3.2% y/y growth.
  • Prices for accommodation dropped 2.1% y/y, largely improved from last month's 33.5% y/y fall.

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