FX.co ★ Japan’s January National CPI Eases to 1.5% YoY, Slipping from 2.1% in December

Japan’s nationwide consumer price inflation cooled at the start of 2026, with the National CPI rising 1.5% year-over-year in January, down from a 2.1% gain in December 2025. The latest data, updated on 19 February 2026, indicate a continued moderation in price pressures after inflation had previously held above the 2% mark.

Both figures are measured on a year-over-year basis, comparing each month’s price level to the same month a year earlier. The “previous” reading reflected December 2025 prices versus December 2024, while the “actual” January 2026 figure compares prices with January 2025. The slowdown suggests that some of the forces that had been pushing up consumer prices late last year are beginning to ease, potentially affecting expectations for the path of monetary policy and wage negotiations in the months ahead.