Inflation has remained quite constant since the late 1970s, after a spike at the beginning of that decade.
However, it grew at its highest level in nine years in November 2007, when there was also a decline in industrial production and household spending. It was one of the first signs that oil prices were starting to derail the Japanese economy. There was a sharp decrease in inflation between January 2008 and January 2009 (1.38 per cent to -1.35 per cent). It has risen steadily since 2009 and, in the beginning of 2010, it stood at -0.7 per cent. Inflation rose to 0.2 per cent in November 2011.