Japan’s core CPI fell 0.2% last year

Xinhua news agency, Tokyo, January 22 (reporter Liu Chunyan) – Japan’s core consumer price index (CPI) excluding fresh food is 101.5 in 2020, down 0.2% from 2019, according to data released by Japan’s Ministry of general affairs on January 22. Data show that covid-19, Japan’s gasoline and other energy products, private kindergarten care fees and hotel accommodation prices have dropped, bringing animal prices down overall in 2020. At the same time, food expenses such as dining out, fire and earthquake insurance premiums, pet supplies and other entertainment related supplies rose. The data also showed that in December 2020, Japan’s core CPI fell by 1.0% to 101.1 year on year, falling for five consecutive months. As the epidemic situation in Japan becomes more and more serious, people from all walks of life are worried that Japan will fall into deflation again. Japan’s core CPI is expected to drop by 0.5% in the fiscal year 2020 (up to March 2021) compared with the previous fiscal year due to the spread of the epidemic, low crude oil prices, tourism promotion and other factors, the Bank of Japan said in its economic outlook report released on the 21st. As the economy recovers, downward pressure on prices will weaken, and CPI is expected to rise by 0.5% in fiscal 2021. In order to get the economy out of deflation, the ultra loose monetary policy of the Bank of Japan has been implemented for many years, but the inflation target of 2% has not been achieved so far. Tokyo Kuroda, governor of the Bank of Japan, said earlier that he would pay close attention to the trend of Japan’s economy and further ease measures if necessary.

(editor in charge: Wang Jupeng)

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