Japan’s consumer price index (CPI), not seasonally adjusted, shifted back into positive territory in March 2026 on a month-over-month basis, suggesting a potential turning point in short-term inflation trends.
According to data updated on 23 April 2026, the CPI n.s.a. for Japan rose 0.4% in March 2026 compared with the previous month. This marks a notable reversal from the prior reading, when the index fell 0.6% month-over-month. Both the previous and current readings refer to changes observed within March 2026, with the “actual” figure comparing March to February, and the “previous” figure capturing the change in the prior month versus the month before it.
The move from a 0.6% decline to a 0.4% increase on a month-over-month basis highlights a swing in price momentum over a short period. While the underlying drivers are not detailed in the latest release, the data suggest that downward price pressures evident earlier have at least temporarily eased, a development that market participants and policymakers will be watching closely in the context of Japan’s broader price stability goals.
