In January 2026, the headline CPI rose 1.5% year on year, while the CPI excluding fresh food rose 2.0%, falling below the Bank of Japan’s 2% target for the first time in about 3 years and 10 months.
The headline Consumer Price Index (CPI) rose 1.5% year on year in January 2026, while the CPI excluding fresh food rose 2.0%, according to data released.
The headline CPI’s rise of less than 2% indicated that the pace of price increases is slowing.
The monthly data show that inflation has remained below the Bank of Japan’s 2% price stability target for an extended period.