Core consumer prices in Tokyo’s central wards rose 1.3% year-on-year in May 2026, slowing from 1.5% in the previous month and coming in softer than market expectations of 1.5%. The reading marked the slowest pace since March 2022, indicating further moderation in price momentum. Inflation remained below the Bank of Japan’s 2% target for a fourth consecutive month, as fuel subsidies and favorable base effects helped limit the impact of higher raw material costs linked to the Middle East conflict. However, policymakers are growing more concerned about the possibility that higher oil prices could boost underlying inflation in the country. Companies might start passing higher costs on to consumers, as years of sustained inflationary pressures have made businesses more comfortable raising prices. source: Statistics Bureau of Japan

Tokyo Core CPI in Japan decreased to 1.30 percent in May from 1.50 percent in April of 2026. 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 June of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-30 11:30 PM
Tokyo Core CPI YoY
Apr 1.5% 1.7% 1.8% 1.7%
2026-05-28 11:30 PM
Tokyo Core CPI YoY
May 1.3% 1.5% 1.5% 1.5%
2026-06-25 11:30 PM
Tokyo Core CPI YoY
Jun 1.3%


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
Inflation Rate Ex-Food and Energy YoY 1.90 2.40 percent Apr 2026
CPI Housing Utilities 104.70 104.60 points Apr 2026
CPI Transportation and Communication 101.30 101.50 points Apr 2026
Food Inflation 3.50 3.60 percent 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 1.30 1.50 percent May 2026
Tokyo CPI YoY 1.40 1.50 percent May 2026
Tokyo CPI Ex Food and Energy YoY 1.60 1.90 percent May 2026


Japan Tokyo Core CPI YoY
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
1.30 1.50 23.30 -2.20 1971 - 2026 percent Monthly
NSA

News Stream
Tokyo Core Inflation Lowest in Over 4 Years
Core consumer prices in Tokyo’s central wards rose 1.3% year-on-year in May 2026, slowing from 1.5% in the previous month and coming in softer than market expectations of 1.5%. The reading marked the slowest pace since March 2022, indicating further moderation in price momentum. Inflation remained below the Bank of Japan’s 2% target for a fourth consecutive month, as fuel subsidies and favorable base effects helped limit the impact of higher raw material costs linked to the Middle East conflict. However, policymakers are growing more concerned about the possibility that higher oil prices could boost underlying inflation in the country. Companies might start passing higher costs on to consumers, as years of sustained inflationary pressures have made businesses more comfortable raising prices.
2026-05-28
Tokyo Core Inflation Lowest Since 2022
Core consumer prices in Tokyo’s central wards rose 1.5% year-on-year in April 2026, easing from 1.7% in the previous month and missing market expectations for 1.8%. The reading marked the slowest pace since March 2022, indicating a moderation in price momentum. Inflation remained below the Bank of Japan’s 2% target for a third consecutive month, as temporary factors, namely fuel subsidies and favorable base effects, helped cushion the impact of higher raw material costs linked to the Middle East conflict. Despite the softer print, underlying price pressures appear intact. Analysts expect inflation to re-accelerate in the coming months, driven by elevated oil prices and rising import costs amid a weaker yen. This outlook is likely to keep the Bank of Japan under pressure to consider further policy tightening.
2026-04-30
Tokyo Core Inflation Slows to Near 2-Year Low
Core consumer prices in Tokyo’s central wards rose 1.7% year-on-year in March 2026, easing slightly from a 1.8% increase in February and falling short of market expectations for a 1.8% gain. This marked the smallest rise since April 2024, driven in part by a moderation in processed food inflation (4.9% vs 5.5% in February). The latest figure remained below the Bank of Japan’s 2% target for the second consecutive month. However, analysts view the slowdown as temporary, noting that rising oil prices linked to the Middle East conflict and higher import costs due to the weak yen are likely to intensify inflationary pressures in the coming months.
2026-03-31