Japan’s core consumer prices in Tokyo, excluding food and energy, decelerated in September 2026, pointing to a further easing in underlying inflation pressures in the capital.
The CPI Tokyo Ex Food and Energy indicator slowed to 0.4% Month-over-Month in September, down from 0.7% in August 2026. The data, updated on 1 October 2026, show that the pace of price increases in Tokyo’s core basket has moderated compared with the previous month.
On a Month-over-Month comparison basis, the September reading reflects a weaker momentum in core price growth relative to August, when prices had increased more robustly versus July. This cooling in Tokyo’s core CPI could be interpreted as a sign that underlying inflation is losing steam at the start of the fourth quarter of 2026.