According to GlobalData, Japan's consumer price inflation decreased by 0.2% in 2021 and is it is estimated to reach 1.6% in 2022. Core inflation increased to 2.2% in June from 2.1% in May 2022. Since March 2015, the inflation rate in June was at its highest level. Inflation increased to 0.7% on average in June (May, 0.5%). It is estimated that the impact of rising food and energy prices on different income brackets in Japan main factor for rising inflation.
Japan finally achieved its 2% inflation target in April after decades of mild but enduring deflation, largely as a result of the worldwide rise in energy prices and a historically low yen relative to the dollar. Japanese companies prefer to absorb price increases rather than passing them on to customers. However, prices have increased for items including fruit, bread, instant noodles, chips, fish, and frozen meals.
The unemployment rate in Japan was at its highest level of 2.8% in 2020 and 2021. Unexpectedly, Japan's unemployment rate in June 2022 was 2.6%, the same as the previous month and lower than the market expectation of 2.5%. While employment increased by 1,20,000 to 67.36 million, the number of unemployed remained at 1.8 million. 120 thousand more people entered the labor force, bringing it to 69.16 million, while 150 thousand fewer people left it, bringing it to 40.98 million.
Access the monthly tracker here: Japan: Inflation and Unemployment Rate Monthly Tracker (2019 - YTD)
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