Japan’s CPI increased 0.3% MoM in April 2026, and the annual rate ticked down slightly to 1.4% YoY, down from 1.5% YoY in March.

• CPI (ex fresh food) also increased 0.3% MoM, a weaker print than the 0.7% MoM increase a year ago. Base effects caused the YoY rate to slow to 1.4% YoY, down from 1.8% YoY in March.
• Core inflation dropped to its lowest level since September 2022, falling to 1.1% YoY in April, down from 1.4% YoY in March and February.
• The energy aggregate increased 5.1% MoM in April after rising 3.9% MoM in March, the largest monthly gain since the 1980s.
• Food and fresh food prices both fell, down -0.2% MoM and -0.8% MoM, respectively. Fresh food prices have declined three straight months in a row and are up just 0.3% YoY.