Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.4% year-on-year in April 2026, easing from 1.8% in the previous month and coming in softer than market forecasts of 1.7%. The latest reading marked the lowest level since March 2022 and remained below the Bank of Japan’s 2% target for a third straight month, as government fuel subsidies helped offset price pressures from higher oil costs linked to the Iran war. Meanwhile, the index excluding the effects of volatile fresh food and fuel, which is closely watched by the Bank of Japan as a better gauge of demand-driven price movements, rose 1.9% in April, marking the softest increase since July 2024. The BoJ will meet on June 16, after keeping its short-term policy rate at 0.75% last month amid higher oil prices and yen weakness. The policymakers remained cautious about the uncertain situation in the Middle East, although several members still saw scope for near-term interest rate hikes. source: Statistics Bureau of Japan

Core consumer prices in Japan increased 1.40 percent in April 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 May of 2026.

Core consumer prices in Japan increased 1.40 percent in April of 2026 over the same month in the previous year. Core Inflation Rate in Japan is expected to be 2.30 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
2026-04-23 11:30 PM
Core Inflation Rate YoY
Mar 1.8% 1.6% 1.8% 2.0%
2026-05-21 11:30 PM
Core Inflation Rate YoY
Apr 1.4% 1.8% 1.7% 2.0%
2026-06-18 11:30 PM
Core Inflation Rate YoY
May 1.4%


Related Last Previous Unit Reference
Consumer Price Index CPI 113.00 112.70 points Apr 2026
Core Consumer Prices 112.50 112.10 points Apr 2026
Core Inflation Rate YoY 1.40 1.80 percent Apr 2026
CPI Clothes and Footwear 113.30 112.40 points Apr 2026
Inflation Rate Ex-Food and Energy YoY 1.90 2.40 percent Apr 2026
CPI Education 89.90 95.90 points Apr 2026
CPI Food 128.40 128.70 points Apr 2026
CPI Housing Utilities 104.70 104.60 points Apr 2026
CPI Recreation and Culture 117.40 116.90 points Apr 2026
CPI Transportation and Communication 101.30 101.50 points Apr 2026
Inflation Rate YoY 1.40 1.50 percent Apr 2026
Inflation Rate MoM 0.10 0.40 percent Apr 2026
Tokyo Core CPI YoY 1.50 1.70 percent Apr 2026
Tokyo CPI YoY 1.50 1.40 percent Apr 2026
Tokyo CPI Ex Food and Energy YoY 1.50 1.70 percent Apr 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
1.40 1.80 24.70 -2.40 1971 - 2026 percent Monthly
NSA

News Stream
Japan Core Inflation Hits 4-Year Low
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.4% year-on-year in April 2026, easing from 1.8% in the previous month and coming in softer than market forecasts of 1.7%. The latest reading marked the lowest level since March 2022 and remained below the Bank of Japan’s 2% target for a third straight month, as government fuel subsidies helped offset price pressures from higher oil costs linked to the Iran war. Meanwhile, the index excluding the effects of volatile fresh food and fuel, which is closely watched by the Bank of Japan as a better gauge of demand-driven price movements, rose 1.9% in April, marking the softest increase since July 2024. The BoJ will meet on June 16, after keeping its short-term policy rate at 0.75% last month amid higher oil prices and yen weakness. The policymakers remained cautious about the uncertain situation in the Middle East, although several members still saw scope for near-term interest rate hikes.
2026-05-21
Japan Core Inflation Quickens as Expected
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.8% year-on-year in March 2026, accelerating from 1.6% in the previous month and marking the first pickup in four months, driven by higher energy costs, in line with market forecasts. While the pace accelerated from the softest reading since March 2022 during February, inflation remained below the Bank of Japan’s 2% target for a second straight month, as government fuel subsidies offset pressures from rising oil linked to the Iran war. The BoJ will meet on April 28 after maintaining its policy rate at 0.75% last month, while signaling a bias toward further tightening to counter inflation risks. Its March Summary of Opinions noted that additional rate hikes remain appropriate as economic activity and prices improve, with monetary accommodation to be reduced gradually if the outlook holds.
2026-04-23
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