Tokyo’s core consumer prices, excluding food and energy, rebounded into positive territory in February 2026, signaling a shift in underlying price dynamics in Japan’s capital.
The CPI Tokyo Ex Food and Energy rose 0.3% month-over-month in February, compared with a 0.3% month-on-month decline in January 2026. The latest data, updated on 26 February 2026, mark a notable turnaround in the indicator, which had been negative in the previous month.
On a month-over-month comparison basis, February’s increase suggests that underlying inflationary pressures in Tokyo’s core basket have strengthened after a bout of weakness at the start of the year. Investors and policymakers will be watching closely to see whether this positive momentum in core prices proves sustainable in the coming months.
