30.03.202623:30:00UTC+00Tokyo Core CPI Slows to 1.4% in March, Signaling Further Easing of Underlying Inflation

Tokyo’s core consumer inflation, excluding food and energy, edged down to 1.4% year-over-year in March 2026, from 1.5% in February, according to data updated on 30 March 2026. The figure is based on a comparison of prices in March 2026 with those in March 2025, while the previous reading compared February 2026 with February 2025.

The moderation in the “CPI Tokyo Ex Food & Energy” gauge suggests a gradual easing in underlying price pressures in Japan’s capital, often viewed as an early indicator of nationwide inflation trends. While the decline is modest, the step down from 1.5% to 1.4% reinforces the picture of cooling core inflation after a period of stronger price gains. Investors and policymakers are likely to watch upcoming releases closely to assess how durable this slowdown in underlying inflation proves to be over the coming months.