Japan’s consumer price index (CPI), not seasonally adjusted, showed a slight easing in deflationary pressure at the start of 2026, according to data updated on 19 February 2026. On a month-over-month basis, the CPI registered a decline of 0.1% in January 2026, compared with a 0.2% drop in December 2025.
The figures indicate that while prices are still falling on a monthly basis, the pace of decline has moderated. The December reading reflected a 0.2% decrease versus November, whereas the latest January data mark a smaller 0.1% month-over-month contraction. This shift will be closely watched by markets assessing how persistent Japan’s disinflationary trends remain as the new year unfolds.
