FX.co ★ Tokyo Core CPI (Ex Food & Energy) Slows to 1.4% in January, Easing from December’s 1.5%

Tokyo’s core consumer price index excluding food and energy rose 1.4% year-over-year in January 2026, slightly easing from the 1.5% annual increase recorded in December 2025. The data, updated on 29 January 2026, indicate a modest cooling in underlying price pressures in Japan’s capital.

The January reading compares price levels to those of January a year earlier, while December’s figure reflected a year-over-year change versus December of the prior year. The marginal dip suggests that core inflation momentum in Tokyo, a key leading gauge for nationwide price trends, remains subdued as the Bank of Japan continues to monitor whether underlying inflation can stay durably above its target.