Japan’s annual inflation rate edged higher to 1.5% in May 2026 from 1.4% in the previous month, as declines in electricity and gas prices moderated amid the expiration of government subsidies. Price growth also accelerated across several categories, including transport (1.9% vs. 1.5% in April), housing (0.9% vs. 0.8%), clothing (1.7% vs. 1.5%), household goods (2.2% vs. 1.9%), recreation (1.7% vs. 1.3%), and miscellaneous items (0.2% vs. 0.1%). Simultaneously, healthcare costs were unchanged for a second consecutive month while education prices remained in deflation (-6.1% vs -6.1%). On the food side, prices rose by 3.5% yoy, matching April's pace and staying at its slowest rate in 18 months as rice costs fell for the first time since November 2022. Core inflation stood at 1.4%, unchanged from April and in line with market consensus but remained below the central bank’s 2% target for a fourth successive month. On a monthly basis, consumer prices rose 0.4%, up from 0.1% in April. source: Ministry of Internal Affairs & Communications

Inflation Rate in Japan increased to 1.50 percent in May from 1.40 percent in April of 2026. Inflation Rate in Japan averaged 2.85 percent from 1958 until 2026, reaching an all time high of 24.90 percent in February of 1974 and a record low of -2.50 percent in October of 2009. This page provides the latest reported value for - Japan Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Japan Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2026.

Inflation Rate in Japan increased to 1.50 percent in May from 1.40 percent in April of 2026. Inflation Rate in Japan is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Inflation Rate is projected to trend around 2.20 percent in 2027 and 2.10 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-21 11:30 PM
Inflation Rate YoY
Apr 1.4% 1.5% 1.8%
2026-06-18 11:30 PM
Inflation Rate YoY
May 1.5% 1.4% 1.6%
2026-07-23 11:30 PM
Inflation Rate YoY
Jun 1.5% 1.7%



Components Last Previous Unit Reference
Food Inflation 3.50 3.50 percent May 2026
Goods Inflation 2.00 1.70 percent May 2026
Rent Inflation 0.40 0.40 percent May 2026
Services Inflation 1.00 0.90 percent May 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 113.50 113.00 points May 2026
Core Consumer Prices 113.00 112.50 points May 2026
Core Inflation Rate YoY 1.40 1.40 percent May 2026
CPI Clothes and Footwear 113.40 113.30 points May 2026
Inflation Rate Ex-Food and Energy YoY 1.80 1.90 percent May 2026
CPI Education 89.80 89.90 points May 2026
CPI Food 128.70 128.40 points May 2026
CPI Housing Utilities 104.90 104.70 points May 2026
CPI Recreation and Culture 118.00 117.40 points May 2026
CPI Transportation and Communication 101.50 101.30 points May 2026
Inflation Rate YoY 1.50 1.40 percent May 2026
Inflation Rate MoM 0.40 0.10 percent May 2026
Tokyo Core CPI YoY 1.60 1.30 percent Jun 2026
Tokyo CPI YoY 1.70 1.40 percent Jun 2026
Tokyo CPI Ex Food and Energy YoY 1.90 1.60 percent Jun 2026


Japan Inflation Rate
In Japan, the most important categories in the consumer price index are Food (26 percent of total weight) and Housing (21 percent). Transportation and communications account for 15 percent; Culture and recreation for 9 percent; Fuel, light and water charges for 7 percent; Miscellaneous goods and services for 6 percent; and Medical care for 5 percent. Furniture and household utensils, Clothes and footwear, and Education account for the remaining 10 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.40 24.90 -2.50 1958 - 2026 percent Monthly
NSA

News Stream
Japan Inflation Rate Inches Up to 1.5%
Japan’s annual inflation rate edged higher to 1.5% in May 2026 from 1.4% in the previous month, as declines in electricity and gas prices moderated amid the expiration of government subsidies. Price growth also accelerated across several categories, including transport (1.9% vs. 1.5% in April), housing (0.9% vs. 0.8%), clothing (1.7% vs. 1.5%), household goods (2.2% vs. 1.9%), recreation (1.7% vs. 1.3%), and miscellaneous items (0.2% vs. 0.1%). Simultaneously, healthcare costs were unchanged for a second consecutive month while education prices remained in deflation (-6.1% vs -6.1%). On the food side, prices rose by 3.5% yoy, matching April's pace and staying at its slowest rate in 18 months as rice costs fell for the first time since November 2022. Core inflation stood at 1.4%, unchanged from April and in line with market consensus but remained below the central bank’s 2% target for a fourth successive month. On a monthly basis, consumer prices rose 0.4%, up from 0.1% in April.
2026-06-18
Japan Inflation Eases
Japan’s annual inflation edged down to 1.4% in April 2026 from 1.5% in the prior month. Food prices rose the least in 18 months amid a further slowdown in rice costs. Inflation also slowed for transport (1.5% vs 2.1%), housing (0.8% vs 1.0%), clothing (1.5% vs 2.1%), household items (1.8% vs 2.7%), recreation (1.3% vs 2.3%), and miscellaneous goods (0.1% vs 0.7%). Healthcare costs were flat after rising 0.2% previously. Meanwhile, electricity prices fell at a slower pace (-2.6% vs -8.0%), as did gas prices (-3.4% vs -5.2%), with the impact of subsidies fading. Tokyo reportedly moves to ease living costs amid the impact of a weak yen and high energy prices. Core inflation also eased to 1.4% from 1.8% in March, the lowest level since March 2022, remaining below the central bank’s 2% target for a third consecutive month. On a monthly basis, consumer prices inched 0.1% higher, slowing from March's 0.4% increase.
2026-05-21
Japan Inflation Picks Up
Japan’s annual inflation rose to 1.5% in March 2026 from February’s near four-year low of 1.3%, with transport costs posting the fastest increase in four months (2.1% vs 0.5% in February), amid the effects of the Middle East tensions. Inflation also accelerated for household items (2.7% vs 1.2%), communications (7.0% vs 6.8%), recreation (2.3% vs 2.2%), and miscellaneous goods (0.7% vs 0.6%). Price growth held steady for clothing (at 2.1%) and housing (at 1.0%), but eased for healthcare (0.2% vs 0.4%). Food inflation slowed to a 17-month low (3.6% vs 4.0%), driven by the softest rise in rice prices in two years. Meanwhile, electricity prices (-8.0% vs -8.0) and gas (-5.2% vs -5.1%) fell further, reflecting subsidy effects. Core inflation accelerated to 1.8% from February's 1.6%, but remained below the central bank’s 2% target for the second month. Monthly, the CPI increased 0.4%, reversing a 0.2% decline in January and February and marking the highest reading since January 2025.
2026-04-23