Inflation Japan 2024
Average inflation: 2.7%
Inflation in 2024
Inflation is normal at 2.7%, around the ECB target.
Peak and Trough
The highest inflation was in December at 3.6%. The lowest inflation was in January at 2.2%.
- Highest month
- December: 3.6%
- Lowest month
- January: 2.2%
- Difference
- 1.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Recreation and culture with an average of 6.0%. The lowest price increase was in Education with an average of -0.4%.
- Highest increase
- Recreation and culture: 6.0%
- Lowest increase
- Education: -0.4%
Historical Context
Inflation is 1.1 percentage points higher than the 5-year average of 1.6%.
- 5-year average
- 1.6%
- 10-year average
- 1.1%
- All-time high (2023)
- 3.3%
- All-time low (2009)
- -1.3%
Trend
Over the period 2022-2024, inflation has remained relatively stable. Compared to 2023, inflation has fallen by 0.6 percentage points.
- Change vs. previous year
- -0.6 percentage points
- Largest monthly swing
- January: -2.1 percentage points
ECB Target
Inflation is 0.7 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 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 2.2% | -2.1 |
| February | 2.8% | -0.5 |
| March | 2.7% | -0.5 |
| April | 2.5% | -1.0 |
| May | 2.8% | -0.4 |
| June | 2.8% | -0.5 |
| July | 2.8% | -0.5 |
| August | 3.0% | -0.2 |
| September | 2.5% | -0.5 |
| October | 2.3% | -1.0 |
| November | 2.9% | +0.1 |
| December | 3.6% | +1.0 |
| Average | 2.7% |
Data source
Data from OECD. Last updated: 26/10/2026.