Japan Tokyo Core CPI YoY

Core consumer prices in Tokyo’s central wards rose 2% year-on-year in January 2026, down from a 2.3% increase in December and below market expectations of 2.2%. The reading marked the lowest level since October 2024 and aligned with the Bank of Japan’s 2% target, reinforcing expectations that the central bank will remain cautious on further rate hikes. The BOJ has repeatedly signaled that it is ready to raise borrowing costs if economic and price trends meet forecasts. The central bank raised its policy rate to a 30-year high of 0.75% in December, before keeping it unchanged in January. source: Statistics Bureau of Japan

Tokyo Core CPI in Japan decreased to 2 percent in January from 2.30 percent in December of 2025. Tokyo Core CPI in Japan averaged 2.37 percent from 1971 until 2026, reaching an all time high of 23.30 percent in October of 1974 and a record low of -2.20 percent in October of 2009. This page includes a chart with historical data for Japan Tokyo Core CPI. Japan Tokyo Core CPI YoY - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Related	Last	Previous	Unit	Reference
Consumer Price Index CPI	113.00	113.20	points	Dec 2025
Core Consumer Prices	112.20	112.50	points	Dec 2025
Core Inflation Rate YoY	2.40	3.00	percent	Dec 2025
Inflation Rate Ex-Food and Energy YoY	2.90	3.00	percent	Dec 2025
CPI Housing Utilities	104.50	104.50	points	Dec 2025
CPI Transportation and Communication	100.00	101.00	points	Dec 2025
Food Inflation	5.10	6.10	percent	Dec 2025
Inflation Rate YoY	2.10	2.90	percent	Dec 2025
Inflation Rate MoM	-0.10	0.30	percent	Dec 2025
Tokyo Core CPI YoY	2.00	2.30	percent	Jan 2026
Tokyo CPI YoY	1.50	2.00	percent	Jan 2026
Tokyo CPI Ex Food and Energy YoY	2.00	2.30	percent	Jan 2026

In Tokyo, 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
	2.00	2.30	23.30	-2.20	1971 - 2026	percent	Monthly	NSA

Compare: Tokyo Core CPI by Country

News Stream

Tokyo Core Inflation Slows More Than Expected

Core consumer prices in Tokyo’s central wards rose 2% year-on-year in January 2026, down from a 2.3% increase in December and below market expectations of 2.2%. The reading marked the lowest level since October 2024 and aligned with the Bank of Japan’s 2% target, reinforcing expectations that the central bank will remain cautious on further rate hikes. The BOJ has repeatedly signaled that it is ready to raise borrowing costs if economic and price trends meet forecasts. The central bank raised its policy rate to a 30-year high of 0.75% in December, before keeping it unchanged in January.

2026-01-29

Tokyo Core Inflation Below Forecasts

Core consumer prices in Tokyo’s Ku-area rose 2.3% year-on-year in December 2025, easing from 2.8% in the previous month and undershooting market forecasts of 2.5%. The latest reading marked the lowest figure since February but remained above the Bank of Japan’s 2% target, underscoring persistent price pressures in the capital. While Tokyo's headline inflation softened to a more than one-year low of 2% in December, core forces remain firm, reinforcing expectations of a cautious policy path. Governor Kazuo Ueda said this week that underlying price growth is gradually accelerating toward the BoJ’s goal, signaling readiness to tighten further. His remarks followed last week’s rate hike to 0.75%, a 30-year peak, marking another step in unwinding Japan’s decades-long era of ultra-loose policy and near-zero borrowing costs.

2025-12-25

Tokyo Core Inflation Tops Forecasts in November

Core consumer prices in Tokyo’s Ku-area rose 2.8% year-on-year in November 2025, unchanged from October and slightly above market expectations for a 2.7% increase. The reading stayed above the Bank of Japan’s 2% target and reinforced expectations of a gradual shift toward tighter policy. Speculation grew that the central bank could raise interest rates in December, supported by concerns over persistent inflation, a weaker yen and diminishing political pressure to keep rates low. Still, the likelihood of a move next month remains uncertain, with BOJ Governor Kazuo Ueda noting that the economy continues to recover moderately while warning that volatility in global trade policy could weigh on growth and corporate earnings. Tokyo’s inflation data are closely watched as a leading indicator of nationwide price trends.

2025-11-27