The Bank of Japan's core CPI excluding special factors rose 2.3% year on year in July, slowing from the previous month. It nevertheless remained above 2% for the 22nd consecutive month. Core-core CPI rose 2.2%, continuing to accelerate.
According to data released by the Bank of Japan, core CPI excluding special factors rose 2.3% year on year in July. The measure excludes the effects of fresh food, gasoline subsidies and free education. Although it slowed from 2.6% in June, it remained above 2% for the 22nd consecutive month. National core CPI rose 1.8%, but the pattern of inflation being pushed higher by policy factors remains in place when those factors are excluded.
CPI excluding fresh food, energy and special factors, known as core-core CPI excluding special factors, rose 2.2%. This also marked an acceleration from 2.0% the previous month. CPI excluding food, energy and special factors rose 1.6%, with growth accelerating from the previous month.
The trimmed mean, which mechanically excludes items at both ends of the distribution of price increases, rose 2.0%, returning to the 2% range for the first time since November 2025. The weighted median rose 1.1%, while the mode rose 1.4%.
The share of items recording price increases in July was 72.4%, below 72.6% the previous month. Meanwhile, the share of items recording price declines was 23.3%, above 22.9% the previous month. Since March, the Bank of Japan has expanded its publication of core consumer price indicators.