FX.co ★ Tokyo Core Inflation Eases to 1.7% in March, Signaling Further Cooling in Price Pressures

Tokyo’s core consumer price index (CPI) rose 1.7% year-over-year in March 2026, easing slightly from February’s 1.8% annual gain, according to data updated on 30 March 2026. The figure, which excludes fresh food and is closely watched as an early indicator of nationwide inflation trends in Japan, suggests that underlying price pressures in the capital continue to moderate.

On a year-over-year basis, the March reading compares the change in prices to March a year earlier, while February’s 1.8% figure reflected the change relative to February a year before. The marginal slowdown from 1.8% to 1.7% reinforces a gradual cooling trend in Tokyo’s inflation backdrop, which could be an important reference point for investors assessing the trajectory of Japan’s prices and the broader policy outlook.