The Strategist

Japan's inflation in January slows to its lowest since March 2022

02/27/2024 - 10:04

Japan's Ministry of Internal Affairs and Communications released a report stating that the country's consumer prices grew by 2.2% annually in January.

As a result, the rate of growth fell to its lowest level since March 2022, down from 2.6% in December.

After increasing 2.3% in December, prices that do not include fresh food — a crucial metric monitored by the nation's central bank—rose 2% year over year in January. Additionally, it was the lowest rise since March 2022.

As a result, inflation now falls below the Bank of Japan's 2% target after rising above for 21 straight months.

Last month, Trading Economics analysts anticipated a 1.8% increase.

Inflation last month, excluding food and energy, was 3.5% year over year, down from 3.7% in December.