Japan Tokyo Core CPI YoY

Core consumer prices in Tokyo’s central wards increased 1.8% year-on-year in February 2026, easing from a 2% rise in January and marking the softest pace since October 2024. Inflation in Japan’s capital slowed for a third straight month, though it slightly exceeded market expectations of 1.7%. Even so, the February reading fell below the Bank of Japan’s 2% target, suggesting limited urgency for the central bank to tighten policy in the near term. The Japanese government nominated two reflation-leaning academics to the BOJ’s policy board, reinforcing expectations that policymakers will move cautiously on further rate hikes. However, hawkish board member Hajime Takata reiterated the need for additional rate increases and for forward guidance to reflect that the price stability target is close to being achieved. Governor Kazuo Ueda also reportedly indicated that the central bank will carefully assess incoming economic data at its March and April meetings before making any rate decisions. source: Statistics Bureau of Japan

Tokyo Core CPI in Japan decreased to 1.80 percent in February from 2 percent in January 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 February of 2026.

Related	Last	Previous	Unit	Reference
Consumer Price Index CPI	112.90	113.00	points	Jan 2026
Core Consumer Prices	112.00	112.20	points	Jan 2026
Core Inflation Rate YoY	2.00	2.40	percent	Jan 2026
Inflation Rate Ex-Food and Energy YoY	2.60	2.90	percent	Jan 2026
CPI Housing Utilities	104.60	104.50	points	Jan 2026
CPI Transportation and Communication	99.70	100.00	points	Jan 2026
Food Inflation	3.90	5.10	percent	Jan 2026
Inflation Rate YoY	1.50	2.10	percent	Jan 2026
Inflation Rate MoM	-0.20	-0.20	percent	Jan 2026
Tokyo Core CPI YoY	1.80	2.00	percent	Feb 2026
Tokyo CPI YoY	1.60	1.50	percent	Feb 2026
Tokyo CPI Ex Food and Energy YoY	1.80	2.00	percent	Feb 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
	1.80	2.00	23.30	-2.20	1971 - 2026	percent	Monthly	NSA

Compare: Tokyo Core CPI by Country

News Stream

Tokyo Core Inflation Slows to 16-Month Low

Core consumer prices in Tokyo’s central wards increased 1.8% year-on-year in February 2026, easing from a 2% rise in January and marking the softest pace since October 2024. Inflation in Japan’s capital slowed for a third straight month, though it slightly exceeded market expectations of 1.7%. Even so, the February reading fell below the Bank of Japan’s 2% target, suggesting limited urgency for the central bank to tighten policy in the near term. The Japanese government nominated two reflation-leaning academics to the BOJ’s policy board, reinforcing expectations that policymakers will move cautiously on further rate hikes. However, hawkish board member Hajime Takata reiterated the need for additional rate increases and for forward guidance to reflect that the price stability target is close to being achieved. Governor Kazuo Ueda also reportedly indicated that the central bank will carefully assess incoming economic data at its March and April meetings before making any rate decisions.

2026-02-26

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