Japan Food Inflation Holds at 18-Month Low

Japan's food prices increased 3.2% year-on-year in June 2026, slowing from 3.5% in May and marking the softest rise since July 2024. Price growth slowed for fresh vegetables (2.6% vs 3.8% in May), cakes and candies (5.7% vs 8.1%), prepared foods (4.2% vs 4.4%), and beverages (6.8% vs 8.7%). At the same time, cereal cost fell for the second straight month (-2.5% vs -0.9%) while fresh fruit prices stayed in deflation (-0.9% vs -1.6%). In contrast, inflation accelerated for fish and seafood (6.9% vs 5.5%), meats (4.3% vs 3.5%), dairy products and eggs (4.6% vs 3.6%), oils, fats, and seasonings (4.2% vs 3.9%), alcoholic beverages (0.4% vs 0.2%), and meals eaten out (1.2% vs 1.0%). Among staple foods, rice prices declined 8.7% from a year earlier, falling for the second consecutive month and registering the largest drop since August 2015.

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%).