Japan CPI data results - national inflation for March and Tokyo for April

National CPI y/y for March, 2.3% y/y

  • expected 2.2%, prior was 2.2%

National CPI y/y excluding Fresh Food for March, 2.0 2.2 % y/y

  • expected 2.0%, prior was 2.0%

National CPI excluding Food, Energy y/y for March, 2.1% y/y

  • expected 2.0%, prior was 2.0%

Note: The Bank of Japan has estimated that the sales tax hike (to 8 percent from 5 percent on April 1 2014) added 1.7 percentage points to the annual consumer inflation rate in April 2014, and 2.0 points from the following month. So subtract 2 from these numbers to get the inflation rate

For the Tokyo data, the effect rolls off for the April numbers. .. no need to subtract anything from these results today, but you will need to subtract 2 from the priors.

Tokyo CPI y/y for April , 0.7% y/y

  • expected 0.7%, prior was 2.3%

Tokyo CPI excluding Fresh Food y/y for April, 0.4% y/y

  • expected 0.5%, prior was 2.2%

Tokyo CPI excluding Food, Energy y/y for April, % y/y

  • expected 0.2%, prior was 1.7%

more to come