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April 22, 2022JAPAN CPI INFLATION, MARCH 2022 
Japan’s CPI inflation (all items, year-over-year) increased 1.2% in March compared to March 2021. Japan inflation rate accelerated from the 0.9% rate in February 2022.
Japan's underlying inflation (all items excluding fresh food and energy) decreased 0.7%.
Japan's energy prices have rebounded from their declines in 2020, accelerating to 20.8% from March 2021 to March 2022. Japan's food prices rose 3.4% over this period.
In 2020, the COVID-19 pandemic and low oil prices reduced price growth in many countries. In 2021 and early 2022, there has been a rebound and acceleration in inflation for Canada and Nova Scotia (which is more exposed to oil price fluctuations). Japan had lower inflation prior to 2020 and experienced a period of deflation during pandemic later than Canada. In recent months, the inflation rate in Japan has been increasing to a lesser degree than in Canada.
Sources: Japan Statistics Bureau - Consumer Price Index; Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted; Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted
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