Inflation Japan 2021
Average inflation: -0.3%
Inflation in 2021
There is deflation with consumer prices declining by 0.3%.
Peak and Trough
The highest inflation was in December at 0.8%. The lowest inflation was in April at -1.1%.
- Highest month
- December: 0.8%
- Lowest month
- April: -1.1%
- Difference
- 1.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 3.2%. The lowest price increase was in Health with an average of -0.5%.
- Highest increase
- Transport: 3.2%
- Lowest increase
- Health: -0.5%
Historical Context
Inflation is 0.6 percentage points lower than the 5-year average of 0.3%.
- 5-year average
- 0.3%
- 10-year average
- 0.6%
- All-time high (2014)
- 2.7%
- All-time low (2009)
- -1.3%
Trend
Over the period 2019-2021, inflation has remained relatively stable. Compared to 2020, inflation has fallen by 0.3 percentage points.
- Change vs. previous year
- -0.3 percentage points
- Largest monthly swing
- December: +2.0 percentage points
ECB Target
Inflation is 2.3 percentage points below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
Due to deflation, purchasing power increases. Money becomes more valuable instead of less.
What you could buy for ¥100 this year will cost approximately ¥100 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | -0.7% | -1.4 |
| February | -0.5% | -0.9 |
| March | -0.4% | -0.8 |
| April | -1.1% | -1.2 |
| May | -0.8% | -0.9 |
| June | -0.5% | -0.6 |
| July | -0.3% | -0.6 |
| August | -0.4% | -0.6 |
| September | 0.2% | +0.2 |
| October | 0.1% | +0.5 |
| November | 0.6% | +1.5 |
| December | 0.8% | +2.0 |
| Average | -0.3% |
Data source
Data from OECD. Last updated: 26/10/2026.