Japan Core Inflation Rate
Year-on-year change in consumer prices excluding food and energy.
Core Inflation Rate in Japan increased to -1.00 percent in Jun 2021 from -1.00 percent in May 2021.
Japan Core Inflation Rate — History
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Japan Core Inflation Rate — analysis in simple words
Latest reading
Core Inflation Rate in Japan increased to -1.00 percent in Jun 2021 from -1.00 percent in May 2021.
Over the last three months it rose twice and fell once.
Recent trend
A year earlier (Jun 2020) it was 0.4%, so the latest figure is 1.4 percentage points lower.
Over the past five years the average was 0.1%, with a range from -1.1% to 0.7%. The latest value is below that five-year average.
Historical context
This data series starts in Jan 1956 and has 786 monthly observations. The latest reading is higher than 3% of all of them.
The highest value on record is 22.4% (Feb 1974) and the lowest is -1.5% (Sep 2010). The long-run average is 2.9%.
Statistics
- Latest
- -1.0%Jun 2021
- Previous
- -1.0%
- 5-year average
- 0.1%
- Long-run average
- 2.9%since Jan 1956
- All-time high
- 22.4%Feb 1974
- All-time low
- -1.5%Sep 2010
- Observations
- 786Monthly
Recent Data
| Period | Value | Change |
|---|---|---|
| Jun 2021 | -1.0% | ▲ +0.0 pp |
| May 2021 | -1.0% | ▲ +0.1 pp |
| Apr 2021 | -1.1% | ▼ −1.1 pp |
| Mar 2021 | 0.0% | ▼ −0.1 pp |
| Feb 2021 | 0.1% | ▲ +0.1 pp |
| Jan 2021 | 0.0% | ▲ +0.4 pp |
| Dec 2020 | -0.4% | ▲ +0.0 pp |
| Nov 2020 | -0.4% | ▼ −0.1 pp |
| Oct 2020 | -0.3% | ▼ −0.3 pp |
| Sep 2020 | 0.0% | ▲ +0.2 pp |
| Aug 2020 | -0.2% | ▼ −0.6 pp |
| Jul 2020 | 0.4% | ▲ +0.1 pp |
| Jun 2020 | 0.4% | ▲ +0.2 pp |
| May 2020 | 0.2% | ▲ +0.1 pp |
| Apr 2020 | 0.1% | ▼ −0.4 pp |
| Mar 2020 | 0.5% | ▼ −0.0 pp |
| Feb 2020 | 0.5% | ▼ −0.2 pp |
| Jan 2020 | 0.7% | ▼ −0.1 pp |
| Dec 2019 | 0.7% | ▲ +0.1 pp |
| Nov 2019 | 0.7% | ▲ +0.2 pp |
| Oct 2019 | 0.5% | ▲ +0.2 pp |
| Sep 2019 | 0.3% | ▲ +0.0 pp |
| Aug 2019 | 0.3% | ▼ −0.1 pp |
| Jul 2019 | 0.5% | ▲ +0.1 pp |
| Jun 2019 | 0.4% | ▼ −0.1 pp |
| May 2019 | 0.5% | ▼ −0.1 pp |
| Apr 2019 | 0.5% | ▲ +0.2 pp |
| Mar 2019 | 0.3% | ▼ −0.1 pp |
| Feb 2019 | 0.4% | ▼ −0.0 pp |
| Jan 2019 | 0.4% |
Core Inflation Rate — Japan vs Peers
Latest available reading for each economy (periods may differ). Japan highlighted.
More Japan indicators
Understanding Core Inflation Rate — a simple guide
What it measures
The year-on-year change in consumer prices excluding food and energy, which can jump around because of weather, harvests and oil prices.
How it is calculated
The same method as headline CPI inflation, but the basket excludes food and energy items.
If headline inflation is 4% but food prices jumped, core inflation might be only 3%.
High core inflation means price rises are broad-based, not just caused by food or fuel.
Low core inflation suggests underlying price pressure is mild.
Why it matters for the economy and markets
Central banks watch core inflation to judge the underlying trend in prices. If core inflation stays high, interest rates are more likely to stay high too.
How to read it
Compare it with headline inflation: if headline falls because fuel got cheaper but core stays high, price pressure across the economy has not really eased.
What to look at alongside it
Headline inflation, wage growth and the policy rate.
Key terms
- Headline inflation
- Inflation of the full CPI basket.
- Core inflation
- Inflation excluding food and energy.
Data source
OECD — Organisation for Economic Co-operation and Development (series OECD CPI ex food & energy), monthly data from Jan 1956 to Jun 2021. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current core inflation rate of Japan?
What is the highest and lowest core inflation rate of Japan?
What does core inflation rate measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.