FX.co ★ Tokyo Core CPI Jumps to 2.7% in September, Nearly Doubling August Pace

Tokyo’s core consumer inflation accelerated sharply in September 2026, with the CPI excluding food and energy rising 2.7% year-over-year, up from 1.4% in August. The latest data, updated on 1 October 2026, underscore a notable pickup in underlying price pressures in Japan’s capital.

The “CPI Tokyo Ex Food & Energy” measures price changes for the month compared with the same month a year earlier. September’s 2.7% gain means that core prices in Tokyo are growing almost twice as fast as in August, when the index was up 1.4% year-over-year. Both the current and previous readings are calculated on the same year-over-year basis, comparing each month to its counterpart a year earlier.

While the data only cover Tokyo, they are closely watched as an early indicator of nationwide inflation trends. The steep acceleration in the September figure may draw attention from analysts and policymakers tracking the persistence and breadth of underlying inflation in Japan.