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Consumer Price Index

CPI is one of the most widely used measure of inflation, as it follows the price changes experienced by consumers when purchasing goods and services. This is usually measured by a following an index of a certain "basket of goods", that is made up of the the items needed by a household. "Core" CPI usually excludes volatile items, such as food and energy, in order to get a better sense of price changes without these prices factored in.

Main Indicator: Tokyo Consumer Price Index y/y

Most Recent Release

February
25th, 2010

Actual

Forecast

Revised Form

-1.8%

-2.0%

-2.1%

N/A

Tokyo Region CPI For February
Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -1.8%, forecast -2.0%, pr. -2.0% (Jan),
-1.9% (Dec), -1.9% (Nov), -2.2% (Oct), 2.1% (Sep), -1.9% (Aug),
-1.7% (Jul), -1.3% (Jun), -0.7% (May), 0.0% (Apr), 0.4% (Mar)
Ex Food & En. y/y: -1.3%, forecast -1.5%, pr. -1.4% (Jan),
-1.5% (Dec), -1.3% (Nov), -1.4% (Oct), -1.4% (Sep), -1.1% (Aug),
-1.1% (Jul), -1.0% (Jun), -0.9% (May), -0.6% (Apr), -0.4% (Mar)

Table of Past Data

	5/28	6/25	7/30	8/27	9/28	10/29	11/26	12/24	1/28	2/25

Actual	-0.8%	-1.5%	-1.8%	-1.6%	-2.0%	-2.4%	-2.2%		-2.1%	-1.8%
Forecast	-0.7%	-1.0%	-1.7%	-1.8%	-1.8%	-2.1%	-2.2%	-2.0%	-2.1%	-2.0%
Previous	-0.2%	-0.7%	-1.5%	-1.7%	-1.9%	-2.1%	-2.4%	-2.2%	-2.3%	-2.1%
Revised From	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Secondary Indicator: Consumer Price Index y/y

Most Recent Release

February
25th, 2010

Actual

Forecast

Revised Form

-1.3%

-1.4%

-1.7%

N/A

National CPI For January
Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -1.3%, forecast -1.3%, pr. -1.3% (Dec),
-1.7% (Nov), -2.2% (Oct), -2.3% (Sept), -2.4% (Aug), -2.2% (Jul),
-1.7% (Jun), -1.1% (May), -0.1% (Apr), -0.1% (Mar), 0.0% (Feb)
CPI Ex. Food & En. y/y: -1.2%, forecast -1.2%, pr. -1.2% (Dec),
-1.0% (Nov), -1.1% (Oct), -1.0% (Sep), -0.9% (Aug), -0.9% (Jul),
-0.7% (Jun), -0.5% (May), -0.4% (Apr), -0.3% (Mar), -0.1% (Feb)

Table of Past Data

	5/28	6/25	7/30	8/27	9/28	10/29	11/26	12/24	1/28	2/25

Actual	-0.1%	-1.1%	-1.8%	-2.2%	-2.2%	-2.2%	-2.5%		-2.0%	-1.3%
Forecast		-1.1%	-1.8%	-2.2%	-2.3%	-2.3%	-2.4%	-2.0%	-1.7%	-1.4%
Previous	-0.1%	-0.1%	-1.1%	-1.8%	-2.2%	-2.4%	-2.2%	-2.5%	-1.9%	-1.7%
Revised From	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Past Releases

Tokyo Consumer Price Index y/y

January
28th, 2010

Actual

Forecast

Revised Form

-2.1%

-2.3%

N/A

Tokyo Region CPI For January
Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -2.0%, forecast -1.8%, pr. -1.9% (Dec),
-1.9% (Nov), -2.2% (Oct), 2.1% (Sep), -1.9% (Aug), -1.7% (Jul),
-1.3% (Jun), -0.7% (May), 0.0% (Apr), 0.4% (Mar), 0.6% (Feb)
Ex Food & En. y/y: -1.4%, forecast -1.4%, pr. -1.5% (Dec),
-1.3% (Nov), -1.4% (Oct), -1.4% (Sep), -1.1% (Aug), -1.1% (Jul),
-1.0% (Jun), -0.9% (May), -0.6% (Apr), -0.4% (Mar), -0.1% (Feb)

Consumer Price Index y/y

January
28th, 2010

Actual

Forecast

Revised Form

-2.0%

-1.7%

-1.9%

N/A

National CPI For December
Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -1.3%, forecast -1.3%, pr. -1.7% (Nov),
-2.2% (Oct), -2.3% (Sept), -2.4% (Aug), -2.2% (Jul), -1.7% (Jun),
-1.1% (May), -0.1% (Apr), -0.1% (Mar), 0.0% (Feb), 0.0% (Jan)
CPI Ex. Food & En. y/y: -1.2%, forecast -1.1%, pr. -1.0% (Nov),
-1.1% (Oct), -1.0% (Sep), -0.9% (Aug), -0.9% (Jul), -0.7% (Jun),
-0.5% (May), -0.4% (Apr), -0.3% (Mar), -0.1% (Feb), -0.2% (Jan)

Tokyo Consumer Price Index y/y

December
24th, 2009

Actual

Forecast

Revised Form

-2.0%

-2.2%

N/A

Consumer Price Index y/y

December
24th, 2009

Actual

Forecast

Revised Form

-2.0%

-2.5%

N/A

Tokyo Consumer Price Index y/y

November
26th, 2009

Actual

Forecast

Revised Form

-2.2%

-2.4%

N/A

Tokyo Region CPI For November
Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -1.9%, pr. -2.2% (Oct), 2.1% (Sep),
-1.9% (Aug), -1.7% (Jul), -1.3% (Jun), -0.7% (May), 0.0% (Apr),
0.4% (Mar), 0.6% (Feb), 0.5% (Jan), 0.8% (Dec), 1.1% (Nov)
Ex Food & En. y/y: -1.3%, pr. -1.4% (Oct), -1.4% (Sep),
-1.1% (Aug), -1.1% (Jul), -1.0% (Jun), -0.9% (May), -0.6% (Apr),
-0.4% (Mar), -0.1% (Feb), -0.3% (Jan), 0.2% (Dec), 0.2% (Nov)

Consumer Price Index y/y

November
26th, 2009

Actual

Forecast

Revised Form

-2.5%

-2.4%

-2.2%

N/A

National CPI For October
Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -2.2%, pr. -2.3% (Sept), -2.4% (Aug),
-2.2% (Jul), -1.7% (Jun), -1.1% (May), -0.1% (Apr), -0.1% (Mar),
0.0% (Feb), 0.0% (Jan), 0.2% (Dec), 1.0% (Nov)
CPI Ex. Food & En. y/y: -1.1%, pr. -1.0% (Sept), -0.9% (Aug),
-0.9% (Jul), -0.7% (Jun), -0.5% (May), -0.4% (Apr), -0.3% (Mar),
-0.1% (Feb), -0.2% (Jan), 0.0% (Dec), 0.0% (Nov)

Tokyo Consumer Price Index y/y

October
29th, 2009

Actual

Forecast

Revised Form

-2.4%

-2.1%

N/A

Tokyo Region CPI For October
Current Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -2.2%, pr. -2.1% (Sep), -1.9% (Aug),
-1.7% (Jul), -1.3% (Jun), -0.7% (May), 0.0% (Apr), 0.4% (Mar),
0.6% (Feb), 0.5% (Jan), 0.8% (Dec), 1.1% (Nov), 1.5% (Oct)
Ex Food & En. y/y: -1.4%, pr. -1.4% (Sep), -1.1% (Aug),
-1.1% (Jul), -1.0% (Jun), -0.9% (May), -0.6% (Apr), -0.4% (Mar),
-0.1% (Feb), -0.3% (Jan), 0.2% (Dec), 0.2% (Nov), 0.4% (Oct)

Consumer Price Index y/y

October
29th, 2009

Actual

Forecast

Revised Form

-2.2%

-2.3%

-2.4%

N/A

National CPI For September
Current Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -2.3%, forecast -2.4%, pr. -2.4% (Aug),
-2.2% (Jul), -1.7% (Jun), -1.1% (May), -0.1% (Apr), -0.1% (Mar),
0.0% (Feb), 0.0% (Jan), 0.2% (Dec), 1.0% (Nov)
CPI Ex. Food & En. y/y: -1.0%, forecast -1.0%, pr. -0.9% (Aug),
-0.9% (Jul), -0.7% (Jun), -0.5% (May), -0.4% (Apr), -0.3% (Mar),
-0.1% (Feb), -0.2% (Jan), 0.0% (Dec), 0.0% (Nov)

Tokyo Consumer Price Index y/y

September
28th, 2009

Actual

Forecast

Revised Form

-2.0%

-1.8%

-1.9%

N/A

Tokyo Region CPI For September
Current Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -2.1%, pr. -1.9% (Aug), -1.7% (Jul),
-1.3% (Jun), -0.7% (May), 0.0% (Apr), 0.4% (Mar), 0.6% (Feb),
0.5% (Jan), 0.8% (Dec), 1.1% (Nov), 1.5% (Oct), 1.7% (Sep)
Ex Food & En. y/y: -1.4%, pr. -1.1% (Aug), -1.1% (Jul),
-1.0% (Jun), -0.9% (May), -0.6% (Apr), -0.4% (Mar), -0.1% (Feb),
-0.3% (Jan), 0.2% (Dec), 0.2% (Nov), 0.4% (Oct), 0.5% (Sep)

Consumer Price Index y/y

September
28th, 2009

Actual

Forecast

Revised Form

-2.2%

-2.3%

-2.2%

N/A

National CPI For August
Current Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -2.4%, forecast -2.4%, pr. -2.2% (Jul),
-1.7% (Jun), -1.1% (May), -0.1% (Apr), -0.1% (Mar), 0.0% (Feb),
0.0% (Jan), 0.2% (Dec), 1.0% (Nov)
CPI Ex. Food & En. y/y: -0.9%, forecast -0.9%, pr. -0.9% (Jul),
-0.7% (Jun), -0.5% (May), -0.4% (Apr), -0.3% (Mar), -0.1% (Feb),
-0.2% (Jan), 0.0% (Dec), 0.0% (Nov)

Tokyo Consumer Price Index y/y

August
27th, 2009

Actual

Forecast

Revised Form

-1.6%

-1.8%

-1.7%

N/A

Tokyo Region CPI For August
Previous Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -1.9%, pr. -1.7% (May), -1.3% (Apr),
-0.7% (Mar), 0.0% (Apr), 0.4% (Mar), 0.6% (Feb), 0.5% (Jan),
0.8% (Dec), 1.1% (Nov), 1.5% (Oct), 1.7% (Sep), 1.5% (Aug)
Ex Food & En. y/y: -1.1%, pr. (May) -1.1%, -1.0% (Apr),
-0.9% (Mar), -0.6% (Apr), -0.4% (Mar), -0.1% (Feb), -0.3% (Jan),
0.2% (Dec), 0.2% (Nov), 0.4% (Oct), 0.5% (Sep), 0.2% (Aug)

Consumer Price Index y/y

August
27th, 2009

Actual

Forecast

Revised Form

-2.2%

-1.8%

N/A

National CPI For July
Previous Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -2.2%, pr. -1.7% (Jun), -1.1% (May), -0.1% (Apr),
-0.1% (Mar), 0.0% (Feb), 0.0% (Jan), 0.2% (Dec), 1.0% (Nov)
CPI Ex. Food & En. y/y: -0.9%, pr. -0.7% (Jun), -0.5% (May),
-0.4% (Apr), -0.3% (Mar), -0.1% (Feb), -0.2% (Jan), 0.0% (Dec),
0.0% (Nov)

Tokyo Consumer Price Index y/y

July
30th, 2009

Actual

Forecast

Revised Form

-1.8%

-1.7%

-1.5%

N/A

Tokyo Region CPI For July
Previous Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -1.7%, pr. -1.3% (Apr), -0.7% (Mar),
0.0% (Apr), 0.4% (Mar), 0.6% (Feb), 0.5% (Jan), 0.8% (Dec),
1.1% (Nov), 1.5% (Oct), 1.7% (Sep), 1.5% (Aug)
Ex Food & En. y/y: -1.1%, pr. -1.0% (Apr), -0.9% (Mar),
-0.6% (Apr), -0.4% (Mar), -0.1% (Feb), -0.3% (Jan), 0.2% (Dec),
0.2% (Nov), 0.4% (Oct), 0.5% (Sep), 0.2% (Aug)

Consumer Price Index y/y

July
30th, 2009

Actual

Forecast

Revised Form

-1.8%

-1.1%

N/A

National CPI For June
Previous Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -1.7%, pr. -1.1% (May), -0.1% (Apr),
-0.1% (Mar), 0.0% (Feb), 0.0% (Jan), 0.2% (Dec), 1.0% (Nov)
CPI Ex. Food & En. y/y: -0.7%, pr. -0.5% (May), -0.4% (Apr),
-0.3% (Mar), -0.1% (Feb), -0.2% (Jan), 0.0% (Dec), 0.0% (Nov)

Tokyo Consumer Price Index y/y

June
25th, 2009

Actual

Forecast

Revised Form

-1.5%

-1.0%

-0.7%

N/A

Tokyo Region CPI For June
Previous Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -1.3%, pr. -0.7% (Mar), 0.0% (Apr),
0.4% (Mar), 0.6% (Feb), 0.5% (Jan), 0.8% (Dec), 1.1% (Nov),
1.5% (Oct), 1.7% (Sep), 1.5% (Aug)
Ex Food & En. y/y: -1.0%, pr. -0.9% (Mar), -0.6% (Apr),
-0.4% (Mar), -0.1% (Feb), -0.3% (Jan), 0.2% (Dec), 0.2% (Nov),
0.4% (Oct), 0.5% (Sep), 0.2% (Aug)

CPI m/m: -0.4%, pr. -0.2% (Mar), -0.1% (Apr), 0.3% (Mar),
-0.3% (Feb), -0.6% (Jan), -0.2% (Dec), -0.4% (Nov)
Ex Food m/m: -0.4%, pr. -0.3% (Mar), 0.0% (Apr), 0.3% (Mar),
-0.1% (Feb), -0.7% (Jan), -0.2% (Dec), -0.4% (Nov), 0.0% (Oct)
Ex Food & En. m/m: -0.2%, pr. 0.0% (Mar), 0.1% (Apr), 0.3% (Mar),
-0.2% (Feb), -1.1% (Jan), 0.0% (Dec), -0.2% (Nov), 0.0% (Oct)

Headline consumer inflation in the Tokyo region fell 1.5% in June, a larger than expected decline. Core prices, excluding both food and energy were down 1%, showing that its not just volatile items affecting the data. The underlying economy is seeing reduction in prices, which has negative effects on activity. If consumers expect lower prices in the future, they will delay purchases starving firms of revenue at the same time companies are lowering prices. The Tokyo CPI leads national data by a month and is a good predictor of the national trend.

Consumer Price Index y/y

June
25th, 2009

Actual

Forecast

Revised Form

-1.1%

-0.1%

N/A

National CPI For May
Previous Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -1.1%, pr. -0.1% (Apr), -0.1% (Mar), 0.0% (Feb),
0.0% (Jan), 0.2% (Dec), 1.0% (Nov), 1.9% (Oct), 2.3% (Sep)
CPI Ex. Food & En. y/y: -0.5%, pr. -0.4% (Apr), -0.3% (Mar),
-0.1% (Feb), -0.2% (Jan), 0.0% (Dec), 0.0% (Nov), 0.2% (Oct)

CPI m/m: -0.2%, pr. 0.1% (Apr), 0.3% (Mar), -0.3% (Feb),
-0.6% (Jan), -0.4% (Dec), -0.9% (Nov), -0.1% (Oct), 0.0% (Sep)
CPI Ex. Food m/m: -0.2%, pr. 0.0% (Apr), 0.3% (Mar), -0.1% (Feb),
-0.6% (Jan), -0.5% (Dec), -0.8% (Nov), -0.2% (Oct), 0.2% (Sep)
CPI Ex. Food & En. m/m: 0.0%, pr. 0.1% (Apr), 0.3% (Mar),
-0.2% (Feb), -0.8% (Jan), 0.0% (Dec), -0.2% (Nov), 0.1% (Oct)

Annual consumer inflation fell 1.1% in May, with the main core rate, which excludes food, also down the same amount. The decline was a big jump compared to April, and shows that the Japanese economy is facing strong deflationary pressures. Excluding both food and energy annual prices were down 0.5%, which means price declines are not being driven by a reduction in fuel costs.

Tokyo Consumer Price Index y/y

May
28th, 2009

Actual

Forecast

Revised Form

-0.8%

-0.7%

-0.2%

N/A

Tokyo Region CPI For May
Current Release Provided by: Statistics Bureau

Tokyo CPI Ex Food y/y: -0.7%, pr. 0.0% (Apr), 0.4% (Mar), 0.6% (Feb),
0.5% (Jan), 0.8% (Dec), 1.1% (Nov), 1.5% (Oct), 1.7% (Sep), 1.5% (Aug)
Ex Food & En. y/y: -0.9%, pr. -0.6% (Apr), -0.4% (Mar), -0.1% (Feb),
-0.3% (Jan), 0.2% (Dec), 0.2% (Nov), 0.4% (Oct), 0.5% (Sep), 0.2% (Aug)

CPI m/m: -0.2%, pr. -0.1% (Apr), 0.3% (Mar), -0.3% (Feb), -0.6% (Jan),
-0.2% (Dec), -0.4% (Nov), -0.1% (Oct), 0.3% (Sep), 0.1% (Aug)
Ex Food m/m: -0.3%, pr. 0.0% (Apr), 0.3% (Mar), -0.1% (Feb),
-0.7% (Jan), -0.2% (Dec), -0.4% (Nov), 0.0% (Oct), 0.2% (Sep), 0.2% (Aug)
Ex Food & En. m/m: 0.0%, pr. 0.1% (Apr), 0.3% (Mar), -0.2% (Feb),
-1.1% (Jan), 0.0% (Dec), -0.2% (Nov), 0.0% (Oct), 0.3% (Sep), 0.2% (Aug)

Tokyo CPI leads national data by a month and is a good predictor of the national trend. The -0.8% price decline in May exceeded market estimates.

Consumer Price Index y/y

May
28th, 2009

Actual

Forecast

Revised Form

-0.1%

N/A

National CPI For April
Current Release Provided by: Statistics Bureau

CPI Ex. Food y/y: -0.1%, pr. -0.1% (Mar), 0.0% (Feb), 0.0% (Jan),
0.2% (Dec), 1.0% (Nov), 1.9% (Oct), 2.3% (Sep), 2.4% (Aug), 2.4% (Jul)
CPI Ex. Food & En. y/y: -0.4%, pr. -0.3% (Mar), -0.1% (Feb), -0.2% (Jan),
0.0% (Dec), 0.0% (Nov), 0.2% (Oct), 0.2% (Sep), 0.0% (Aug), 0.2% (Jul)

CPI m/m: 0.1%, pr. 0.3% (Mar), -0.3% (Feb), -0.6% (Jan), -0.4% (Dec),
-0.9% (Nov), -0.1% (Oct), 0.0% (Sep), 0.3% (Aug), 0.2% (Jul), 0.5% (Jun)
CPI Ex. Food m/m: 0.0%, pr. 0.3% (Mar), -0.1% (Feb), -0.6% (Jan),
-0.5% (Dec), -0.8% (Nov), -0.2% (Oct), 0.2% (Sep), 0.2% (Aug), 0.4% (Jul)
CPI Ex. Food & En. m/m: 0.1%, pr. 0.3% (Mar), -0.2% (Feb), -0.8% (Jan),
0.0% (Dec), -0.2% (Nov), 0.1% (Oct), 0.2% (Sep), 0.1% (Aug), -0.1% (Jul)

Core CPI fell 0.1% in April from a year ago, meeting market expectations. Core CPI for Tokyo declined 0.7% in May, forewarning further price declines nationally and increasing fears of deflation. Poor demand and excess supply could exacerbate the problem.