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January 19, 2024JAPAN CPI INFLATION, DECEMBER AND ANNUAL 2023 
Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 2.6% in December. Japan's underlying inflation (all items excluding fresh food and energy) increased to 3.7%.
On an annual basis, Japan's CPI inflation averaged 3.2% in 2023, the fastest growth since 2014. Exlcuding fresh food and energy, Japan's inflation was 4.0% in 2023.
Japan's energy prices were down 11.6% in December 2023 compared with December 2022. Japan's food inflation increased 6.8% over this period.
Japan's annual energy inflation was down 6.0% in 2023 while food prices increased by 8.0% on average.
Japan had highest inflation at the end of 2022 and the beginig of 2023, but lower than inflation in Canada. Inflation in Canada and Nova Scotia started coming down sooner than in Japan and in the spring and summer of 2023, inflation in Canada and Nova Scotia was lower than inflation in Japan. In recent months, the inflation rate in Japan has come down more than in Canada.
Although Japan's annual inflation was the strongest since 2014, it was considerably slower than annual inflation in Canada or Nova Scotia since 2015.
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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