2026.04.3023:30:00UTC+00Tokyo Core CPI Slows in April, Underscoring Tepid Underlying Inflation

Tokyo’s core consumer prices excluding food and energy rose 0.2% month-over-month in April 2026, easing from a 0.3% increase in March, according to data updated on 30 April 2026. The indicator, which strips out volatile food and energy components, is closely watched as a gauge of underlying price pressures in Japan’s largest city.

The slowdown suggests that underlying inflation momentum remains weak, with April’s reading showing a softer pace of price gains compared with the previous month. In March 2026, the CPI Tokyo Ex Food and Energy had increased 0.3% from February, but April’s 0.2% rise indicates a modest deceleration in month-over-month core price growth.

On a month-over-month comparison basis, the data highlight that Tokyo’s core inflation is still positive but losing some steam, a development that could reinforce expectations for a cautious stance on policy normalization as authorities assess the durability of Japan’s inflation trend beyond food and energy shocks.