Japan Food Inflation Holds at 18-Month Low

Japan's food prices increased 3.5% year-on-year in May 2026, matching April's pace and remaining at their slowest pace since October 2024. Costs continued to rise for fish and seafood (5.5% vs 5.8% in April), meat (3.5% vs 4.4%), dairy products and eggs (3.6% vs 4.9%), oils, fats, and seasonings (3.9% vs 4.2%), cakes and candies (8.1% vs 7.7%), prepared foods (4.4% vs 4.8%), beverages (8.7% vs 9.4%), alcoholic beverages (0.2% vs 0.9%), and meals eaten out (1.0% vs 1.1%). At the same time, fresh vegetable prices rebounded after five consecutive months of declines (3.8% vs -2.2%), while cereal prices fell for the first time since December 2021 (-0.9% vs 1.2%) and fresh fruit prices stayed in deflation (-1.6% vs -3.6%). Among staple foods, rice prices declined 4.9% from a year earlier, marking their first annual drop since November 2022.

Food prices in Japan increased 3.5% year-on-year in April 2026, following a 3.6% gain in the previous month and marking the mildest pace since October 2024. Costs moderated for cereals (1.2% vs 3.5% in March), dairy products and eggs (4.9% vs 5.4%), cakes and candies (7.7% vs 8.1%), prepared foods (4.3% vs 5.2%), beverages (9.4% vs 9.6%), alcoholic beverages (0.9% vs 5.1%), and meals eaten out (1.1% vs 3.9%). Among staples, rice prices increased 0.6% from a year earlier, sharply slowing from a 6.8% rise in March and marking the slowest gain since a decline in November 2022. At the same time, prices continued to decline for fresh vegetables (-12.2% vs -10.5%) and fresh fruit (-3.6% vs -7.4%). In contrast, inflation held steady for fish and seafood (at 5.8% vs 5.8%) while quickening for meats (4.4% vs 3.8%) and oils, fats, and seasonings (4.2% vs 4.0%).

Food prices in Japan increased 3.6% year-on-year in March 2026, slowing from a 4.0% gain in the prior month and marking the mildest pace since October 2024. Costs moderated for cereals (3.5% vs 7.3% vs in February), fish and seafood (5.8% vs 7.2%), dairy products and eggs (5.4% vs 7.5%), and oils, fats, and seasonings (4.0% vs 5.3%). Among staples, rice prices increased 6.8% from a year earlier, sharply slowing from a 17.1% rise in February and marking the slowest gain since February 2024, following efforts by Tokyo to ease persistent upward pressure seen last year. At the same time, prices continued to decline for fresh vegetables (-10.5% vs -9.0%) and fresh fruit (-7.4% vs -10.7%). In contrast, inflation held steady for cakes and candies (8.1% vs 8.1%), while accelerating for meats (3.8% vs 3.7%), prepared foods (5.2% vs 4.9%), beverages (9.8% vs 9.1%), alcoholic beverages (5.1% vs 5.0%), and meals eaten out (3.9% vs 3.7%).