Japan’s CPI increased 0.4% MoM in March 2026, the highest monthly rate since October 2025, and the annual rate accelerated to 1.5% YoY, up from 1.3% YoY in February.

• CPI (ex fresh food) was up 0.6% MoM, also the strongest rate since October 2025, pushing the annual rate up to 1.8% YoY (still the 2nd-lowest since March 2022).
• Core inflation remained unchanged at 1.4% YoY after a 0.4% MoM rise in March.
• The energy index jumped 3.9% MoM, the highest monthly rate since November 2025, but the annual rate remains negative at -5.7% YoY (though up from -9.1% YoY in February).
• Food and fresh food prices fell again, down -0.3% MoM and -3.2% MoM, respectively. The latter decline was the largest since April 2025.
• The transportation & communication segment saw a strong 1.7% MoM rise, likely linked to a rise in airfares.