Analyzing Consumer Price Index and inflation trends
Japan’s August 2026 Tokyo CPI accelerated to 1.9%, with core at 1.8% and core-core at 2.0%. Dining out rose to 5.0%, signaling possible spillover to national CPI.
Headline CPI accelerated for the third straight month to 2.0% in July 2026, while core-core CPI remained at 1.8%.
June 2026 core CPI rose 1.6% year on year, below 2% for the fifth consecutive month. CGPI surged, while trimmed mean inflation remained high at 2.7%.
March 2026 core CPI fell below the 2% target at 1.8%, while corporate prices rose about 7% over 12 months. We analyze the upstream-downstream divergence.
May 2026 CPI: headline +1.5% y/y. Core-core CPI 1.8% (down 0.1ppt). Analyze upstream price adjustment, BOJ trimmed mean 2.8%, and implications for policy.
Apr 2026 CPI slowed to 1.4% YoY (headline and core). Core-core at 1.9% while BOJ's CGPI recorded a sharp month-on-month surge, highlighting competing inflation forces.
February CPI: headline 1.3%, core 1.6%, core‑core 2.5%; BOJ trimmed mean 2.2% signals weaker underlying inflation and eased pass‑through.
Jan 2026 CPI: headline +1.5%, core CPI +2.0% slowed; core‑core CPI remains high at +2.6%. Examines BOJ target gap, CGPI pass‑through, and real purchasing power.
