Japan’s core consumer price index, which excludes fresh food but includes energy, rose 2.4% year on year in December 2025, easing from 3% in November and marking the weakest pace since October 2024. The reading was in line with market expectations and comes ahead of the Bank of Japan’s upcoming policy decision, where policymakers are widely expected to keep interest rates unchanged after December’s hike. Even so, markets continue to price in another rate increase later this year, potentially as early as June. BOJ Governor Kazuo Ueda has repeatedly stated that the central bank remains prepared to tighten policy further if economic activity and inflation evolve in line with its projections. However, the outlook has become more complex after Prime Minister Sanae Takaichi called a snap election to consolidate power and advance expansionary fiscal measures, including a proposal to cut the 8% sales tax on food, which has heightened concerns about Japan’s fiscal trajectory. source: Statistics Bureau of Japan

Core consumer prices in Japan increased 2.40 percent in December of 2025 over the same month in the previous year. Core Inflation Rate in Japan averaged 2.41 percent from 1971 until 2025, reaching an all time high of 24.70 percent in October of 1974 and a record low of -2.40 percent in August of 2009. This page provides - Japan Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Core Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Core consumer prices in Japan increased 2.40 percent in December of 2025 over the same month in the previous year. Core Inflation Rate in Japan is expected to be 2.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Core Inflation Rate is projected to trend around 2.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-18 11:30 PM
Core Inflation Rate YoY
Nov 3% 3% 3% 3.0%
2026-01-22 11:30 PM
Core Inflation Rate YoY
Dec 2.4% 3% 2.4% 2.8%
2026-02-19 11:30 PM
Core Inflation Rate YoY
Jan 2.4% 2% 2.3%


Related Last Previous Unit Reference
Consumer Price Index CPI 113.00 113.20 points Dec 2025
Core Consumer Prices 112.20 112.50 points Dec 2025
Core Inflation Rate YoY 2.40 3.00 percent Dec 2025
CPI Clothes and Footwear 112.70 113.30 points Dec 2025
Inflation Rate Ex-Food and Energy YoY 2.90 3.00 percent Dec 2025
CPI Education 95.60 95.60 points Dec 2025
CPI Food 128.80 128.60 points Dec 2025
CPI Housing Utilities 104.50 104.50 points Dec 2025
CPI Recreation and Culture 116.80 116.80 points Dec 2025
CPI Transportation and Communication 100.00 101.00 points Dec 2025
Inflation Rate YoY 2.10 2.90 percent Dec 2025
Inflation Rate MoM -0.10 0.30 percent Dec 2025
Tokyo Core CPI YoY 2.00 2.30 percent Jan 2026
Tokyo CPI YoY 1.50 2.00 percent Jan 2026
Tokyo CPI Ex Food and Energy YoY 2.00 2.30 percent Jan 2026


Japan Core Inflation Rate
In Japan, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food.
Actual Previous Highest Lowest Dates Unit Frequency
2.40 3.00 24.70 -2.40 1971 - 2025 percent Monthly
NSA

News Stream
Japan Core Inflation Hits 14-Month Low
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 2.4% year on year in December 2025, easing from 3% in November and marking the weakest pace since October 2024. The reading was in line with market expectations and comes ahead of the Bank of Japan’s upcoming policy decision, where policymakers are widely expected to keep interest rates unchanged after December’s hike. Even so, markets continue to price in another rate increase later this year, potentially as early as June. BOJ Governor Kazuo Ueda has repeatedly stated that the central bank remains prepared to tighten policy further if economic activity and inflation evolve in line with its projections. However, the outlook has become more complex after Prime Minister Sanae Takaichi called a snap election to consolidate power and advance expansionary fiscal measures, including a proposal to cut the 8% sales tax on food, which has heightened concerns about Japan’s fiscal trajectory.
2026-01-22
Japan Core Inflation Holds at 3% in November
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 3% year-on-year in November 2025, unchanged from October and in line with market expectations. The reading remains well above the Bank of Japan’s 2% target, reinforcing the case for a near-term interest rate hike. The central bank is widely expected to raise its policy rate by 25 basis points to 0.75% on Friday to curb inflation, with markets pricing in a further increase toward 1% by July next year. However, the outlook has been complicated by a downward revision to third-quarter GDP, which indicated a sharper contraction than previously estimated. Adding to the policy debate, Prime Minister Sanae Takaichi, a proponent of looser monetary policy, reportedly told a business lobby on Wednesday that Japan should prioritize proactive fiscal spending rather than excessive tightening to support growth and bolster tax revenues.
2025-12-18
Japan Core Inflation Hits 3-Month High
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 3% YoY in October 2025, the highest in three months and in line with expectations. The reading accelerated for a second straight month after 2.7% in August and 2.9% in September. Rising food costs drove the uptrend, reflecting poor harvests, especially in rice, and higher global grain prices. A sharply weaker yen also lifted import costs, adding to domestic inflation pressures. Core inflation remained well above the Bank of Japan’s 2% target, giving policymakers more room to raise interest rates. The data arrived as markets await a widely anticipated stimulus package from Prime Minister Sanae Takaichi’s government.
2025-11-20