Japan: Core CPI - Exclude Fresh Food (YoY)

Macro

2026-03-24
Description

The Japan Core Consumer Price Index (Core-CPI) is released by the Statistics Bureau of Japan. This index measures the average price changes of goods and services purchased by households nationwide, excluding fresh food items that are subject to significant price fluctuations. It provides a clearer and more stable view of inflation trends. The Bank of Japan uses this index to set its 2% inflation target, ensuring that the Japanese economy grows while allowing the market to assess whether the economy is overheating and whether the Bank of Japan's monetary policy is appropriate.

Published by
Ministry of Internal Affairs and Communications (Choice)
Frequency
Monthly
Next Update
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AI Data Insight

The annual growth rate of Japan's core CPI in February 2026 (Q1 2026) fell to 1.6%, a further retreat from the previous 2.0% and lower than the market expectation of 1.7%. The main reason for this cooling is the government's resumption of electricity and gas subsidies, which suppressed energy prices. However, the core-core inflation, which excludes energy, remains high at 2.5%. Looking ahead, underlying price pressures remain solid, and the market assesses that this brief drop will not hinder the Bank of Japan's subsequent rate hike path.

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AI Data Insight

The annual growth rate of Japan's core CPI in February 2026 (Q1 2026) fell to 1.6%, a further retreat from the previous 2.0% and lower than the market expectation of 1.7%. The main reason for this cooling is the government's resumption of electricity and gas subsidies, which suppressed energy prices. However, the core-core inflation, which excludes energy, remains high at 2.5%. Looking ahead, underlying price pressures remain solid, and the market assesses that this brief drop will not hinder the Bank of Japan's subsequent rate hike path.

Dive in →

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Macro
Description

The Japan Core Consumer Price Index (Core-CPI) is released by the Statistics Bureau of Japan. This index measures the average price changes of goods and services purchased by households nationwide, excluding fresh food items that are subject to significant price fluctuations. It provides a clearer and more stable view of inflation trends. The Bank of Japan uses this index to set its 2% inflation target, ensuring that the Japanese economy grows while allowing the market to assess whether the economy is overheating and whether the Bank of Japan's monetary policy is appropriate.

Published by
Ministry of Internal Affairs and Communications (Choice)
Frequency
Monthly
Next Update
Hashtags