Japan’s measures of underlying inflation in July:

• Trimmed mean CPI inflation ticked down -0.3 ppts to 2.0% YoY (lowest since December 2024).
• Weighted median CPI inflation dropped -0.3 ppts to 1.1% YoY (lowest since December 2024).
• The mode CPI inflation increased 0.1 ppts to 1.5% YoY.

• The share of increasing items in the CPI index was 79.7% in July. down from 80.5% in June.