Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.6% year-on-year in February 2026, slowing for a third straight month and coming in below forecasts of 1.7%. That was also the smallest gain since March 2022. The government has taken steps to ease living costs and stabilize food prices, though higher energy prices stemming from the Iran war risk pushing inflation higher in March. The latest reading came in well below the Bank of Japan’s 2% target, offering little impetus to adjust monetary policy settings. Last week, the central bank kept its policy rate steady at 0.75% as expected, but signaled a bias toward further tightening to counter inflationary pressures from rising oil prices. BOJ Governor Kazuo Ueda added that a rate increase remains possible if the economic slowdown linked to the Iran conflict proves temporary. source: Statistics Bureau of Japan

Core consumer prices in Japan increased 1.60 percent in February of 2026 over the same month in the previous year. Core Inflation Rate in Japan averaged 2.41 percent from 1971 until 2026, 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 March of 2026.

Core consumer prices in Japan increased 1.60 percent in February of 2026 over the same month in the previous year. Core Inflation Rate in Japan is expected to be 2.00 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
2026-02-19 11:30 PM
Core Inflation Rate YoY
Jan 2% 2.4% 2% 2.3%
2026-03-23 11:30 PM
Core Inflation Rate YoY
Feb 1.6% 2% 1.7% 1.8%
2026-04-17 11:30 PM
Core Inflation Rate YoY
Mar 1.6% 2.0%


Related Last Previous Unit Reference
Consumer Price Index CPI 112.20 112.90 points Feb 2026
Core Consumer Prices 111.40 112.00 points Feb 2026
Core Inflation Rate YoY 1.60 2.00 percent Feb 2026
CPI Clothes and Footwear 111.20 111.20 points Feb 2026
Inflation Rate Ex-Food and Energy YoY 2.50 2.60 percent Feb 2026
CPI Education 95.80 95.60 points Feb 2026
CPI Food 129.00 129.50 points Feb 2026
CPI Housing Utilities 104.60 104.60 points Feb 2026
CPI Recreation and Culture 115.80 115.20 points Feb 2026
CPI Transportation and Communication 99.80 99.70 points Feb 2026
Inflation Rate YoY 1.30 1.50 percent Feb 2026
Inflation Rate MoM -0.20 -0.20 percent Feb 2026
Tokyo Core CPI YoY 1.80 2.00 percent Feb 2026
Tokyo CPI YoY 1.60 1.50 percent Feb 2026
Tokyo CPI Ex Food and Energy YoY 1.80 2.00 percent Feb 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
1.60 2.00 24.70 -2.40 1971 - 2026 percent Monthly
NSA

News Stream
Japan Core Inflation Slows More Than Expected
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.6% year-on-year in February 2026, slowing for a third straight month and coming in below forecasts of 1.7%. That was also the smallest gain since March 2022. The government has taken steps to ease living costs and stabilize food prices, though higher energy prices stemming from the Iran war risk pushing inflation higher in March. The latest reading came in well below the Bank of Japan’s 2% target, offering little impetus to adjust monetary policy settings. Last week, the central bank kept its policy rate steady at 0.75% as expected, but signaled a bias toward further tightening to counter inflationary pressures from rising oil prices. BOJ Governor Kazuo Ueda added that a rate increase remains possible if the economic slowdown linked to the Iran conflict proves temporary.
2026-03-23
Japan Core Inflation Slows to 2-Year Low
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 2% year-on-year in January 2026, cooling from 2.4% in December and marking the weakest pace of growth in two years. The reading was in line with market expectations and aligned with the inflation target of the Bank of Japan, suggesting no immediate need to adjust monetary policy settings. The BOJ has indicated that price growth is likely to moderate further, partly due to additional government measures such as utility subsidies, as well as base effects from price surges a year earlier. Prime Minister Sanae Takaichi rolled out fiscal initiatives aimed at alleviating cost-of-living pressures, including proposals to suspend the 8% tax on food and reduce gasoline taxes. Nonetheless, authorities emphasized that they remain focused on underlying inflation trends rather than temporary or one-off factors.
2026-02-19
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