FX.co ★ Tokyo Core CPI Ex-Food and Energy Accelerates to 0.7% MoM in August 2026

Tokyo’s core consumer price index excluding food and energy rose 0.7% month-over-month in August 2026, more than doubling from the 0.3% increase recorded in July, according to data updated on 27 August 2026. The indicator, which strips out two of the most volatile components to give a clearer view of underlying price trends, suggests an acceleration in core inflation pressures in Japan’s capital.

The August reading compares the change in prices from July to August, while the previous figure reflected the change from June to July. The move from 0.3% to 0.7% indicates that underlying price growth in Tokyo has gained momentum over the past month, a development closely watched as a leading signal for broader inflation dynamics across Japan.