FX.co ★ Japan’s National Core CPI Edges Up to 1.8% YoY in July, Signaling Gradual Price Momentum

Japan’s inflation pressures picked up slightly in July, with the National Core Consumer Price Index (CPI) rising 1.8% year-over-year, up from 1.6% in June 2026. The latest data, updated on 20 August 2026, indicate a modest acceleration in underlying price growth as measured by the core gauge, which typically excludes volatile components.

The figures are based on year-over-year comparisons, with the July 2026 reading measured against July 2025 and the June 2026 reading compared with June 2025. The uptick from 1.6% to 1.8% suggests that price gains are continuing to build gradually, offering a clearer picture of Japan’s underlying inflation trend across the summer months.