FX.co ★ Tokyo Core CPI Ex Food & Energy Edges Up to 1.3% YoY in July, Signaling Mild Inflation Firming

The core consumer price index for Tokyo, excluding both food and energy, rose 1.3% year-over-year in July 2026, up from 1.1% in June, according to data updated on 30 July 2026. The figure, measured on a year-over-year basis, indicates a modest firming of underlying price pressures in Japan’s capital.

June’s reading, which showed a 1.1% increase versus the same month a year earlier, had suggested relatively subdued core inflation momentum. The July uptick to 1.3% year-over-year now points to a gradual acceleration in prices once volatile food and energy components are stripped out.

The Tokyo core CPI ex food and energy is closely watched as an early signal of nationwide inflation trends. The latest data for July, compared with the same month a year ago, will likely feed into market expectations around the trajectory of Japan’s underlying inflation environment and potential implications for future policy discussions.