Japan’s measures of underlying inflation in May:

• Trimmed mean CPI inflation ticked up 0.1 ppts to 2.5% YoY (highest since January 2024).
• Weighted median CPI inflation was unchanged at 1.7% YoY (highest since January 2024).
• The mode CPI inflation eased -0.2 ppts to 1.6% YoY.

• The share of increasing items in the CPI index was 81.6% in May, the highest since February 2024.