Japan’s consumer price index (CPI), not seasonally adjusted, showed no change in September 2026 compared with the previous month, with the month-on-month indicator standing at 0.0%. This marks a slight cooling from August 2026, when CPI rose 0.1% on a month-over-month basis.
According to the latest data update on 22 October 2026, the September reading indicates that price momentum has effectively flattened on a monthly basis. While August’s 0.1% increase suggested a modest uptick in consumer prices from July, the shift to 0.0% in September points to a pause in short-term inflationary pressure.
The comparison is based on month-over-month changes, meaning the latest figure reflects how prices in September moved relative to August, while the previous indicator captured the change in August relative to July. With inflation now at a standstill on this timeframe, markets and policymakers may view the data as a sign of stabilizing consumer prices after a mild increase in the prior month.