Inflation Japan 2023
Average inflation: 3.3%
Inflation in 2023
Inflation is high at 3.3%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 4.3%. The lowest inflation was in December at 2.6%.
- Highest month
- January: 4.3%
- Lowest month
- December: 2.6%
- Difference
- 1.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 8.6%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -1.3%.
- Highest increase
- Food and non-alcoholic beverages: 8.6%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -1.3%
Historical Context
Inflation is 2.1 percentage points higher than the 5-year average of 1.2%. This approaches the highest level since records began (3.3% in 2023).
- 5-year average
- 1.2%
- 10-year average
- 1.1%
- All-time high (2023)
- 3.3%
- All-time low (2009)
- -1.3%
Trend
Over the period 2021-2023, inflation shows an upward trend. Compared to 2022, inflation has risen by 0.8 percentage points.
- Change vs. previous year
- +0.8 percentage points
- Largest monthly swing
- January: +3.8 percentage points
ECB Target
Inflation is 1.3 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for ¥100 this year will cost approximately ¥103 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 4.3% | +3.8 |
| February | 3.3% | +2.4 |
| March | 3.2% | +2.0 |
| April | 3.5% | +1.0 |
| May | 3.2% | +0.7 |
| June | 3.3% | +0.9 |
| July | 3.3% | +0.7 |
| August | 3.2% | +0.2 |
| September | 3.0% | 0.0 |
| October | 3.3% | -0.4 |
| November | 2.8% | -1.0 |
| December | 2.6% | -1.4 |
| Average | 3.3% |
Data source
Data from OECD. Last updated: 26/10/2026.