Consumer Prices in Japan Rise 2.5% in 2022, According to National Statistics Bureau

According to the National Statistics Bureau of Japan, the all items index of consumer prices in 2022 was 102.3, up 2.5% from the previous year. The National Core Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers, excluding fresh food. This increase in consumer prices can be attributed to a variety of factors, such as inflation and changes in demand for goods and services.

The National Core CPI is a key indicator of inflation in Japan and is closely watched by the government, businesses, and consumers. The 2.5% increase in consumer prices shows that the cost of living in Japan has increased over the past year. This could have a significant impact on the economy and the everyday lives of Japanese citizens.

In Japan, the Consumer Price Index (CPI) was first calculated in August 1946. The index was calculated using Fisher’s formula and the reference period was an 8-month period from August 1946 to March 1947. The index was calculated using the “effective prices” which were average prices weighted according to the quantity of goods purchased at official and black market prices. The index formula was changed to Laspeyres type in August 1949, and the reference period was changed to the calendar year of 1948. The Retail Price Survey (RPS) started in June 1950, and the reference period was changed to the calendar year of 1951. The base periods have been revised every five years since 1955 to take account of changes in consumption patterns. The index is calculated for Japan, city groups, districts and Cities with Prefectural Governments, with the total of the index series up to 72.

The Japanese government is closely monitoring the situation and may take measures to address the rising prices, such as implementing monetary or fiscal policies. Businesses may also adjust their prices to reflect the increase in consumer prices. Consumers may also feel the impact as they may have to spend more money on everyday goods and services. Overall, the release of the National Core CPI highlights the importance of monitoring inflation in Japan and the potential impact it can have on the economy and the lives of citizens. The government, businesses and citizens should be aware of the changes in prices and plan accordingly.