Japan’s Tokyo Consumer Price Index excluding food and energy inched up 0.3% month-over-month in July 2026, marking a shift from complete stagnation in the previous month. The move follows a flat reading of 0.0% in June 2026, indicating that underlying price pressures in the capital have begun to pick up again.
The data, updated on 30 July 2026, show that core prices—stripped of the typically volatile food and energy components—have resumed modest growth after a pause, on a month-over-month comparison basis. While the increase is small, the change suggests that underlying inflation dynamics in Tokyo may be firming slightly after June’s standstill, and will likely be monitored closely as a potential early signal of broader nationwide price trends.
