Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Inflation in Japan - statistics & facts
Japanese consumers and corporations are finding themselves in a new environment: inflation has returned to the country. 2024 was the third consecutive year of consumer prices increasing by more than two percent. After over three decades of struggles with deflation, rising prices are relatively new territory for Japan. A combination of factors, including the global COVID-19 pandemic and Russia’s invasion of Ukraine, led to high inflation rates in many countries from the end of 2021. The Japanese economy showed a delayed response in comparison, but inflation took hold from 2022 onwards. What was welcomed as a positive sign for Japan’s economy, has been, on the contrary, a concern for individual consumers, who are confronted with the increased cost of living.
