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May 20, 2022

Japan’s CPI inflation (all items, year-over-year) increased 2.4% in April compared to April 2021. Japan inflation rate accelerated from the 1.2% rate in March 2022. This is the first month with inflation above 2% since March 2015.

Japan's underlying inflation (all items excluding fresh food and energy) increased 0.8%, compared to the 0.7% decrease last month.

Japan's energy prices decelerated from last month with a 19.1% increase from April 2021 to April 2022. Japan's food prices rose 3.9% 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 adjustedTable 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted