FX.co ★ Japan’s Core Inflation Stalls in May, Holding at 1.4% YoY

Japan’s National Core Consumer Price Index (CPI) growth remained unchanged in May 2026, holding at 1.4% year-over-year, according to data updated on 18 June 2026. The figure matches April 2026’s annual pace of 1.4%, indicating a pause in momentum for underlying inflation pressures.

The core CPI measure compares prices in May 2026 with those in May 2025, while the previous reading for April reflected the change from April 2026 versus April 2025. The back-to-back 1.4% readings suggest that, on a year-over-year basis, Japan’s core inflation has entered a period of stability rather than further acceleration or deceleration.

With no change in the annual rate between April and May, the data may reinforce the view that underlying price growth is stabilizing, a key factor for markets and policymakers assessing the trajectory of Japan’s inflation environment.