Prices
Consumer Price Index (inflation)
Japan’s consumer price index — headline, core (ex-fresh-food) and core-core (ex-food & energy), 2020 = 100.
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What this shows
The Consumer Price Index (CPI) tracks the average price of a basket of goods and services that households buy. This chart shows three versions published by the Statistics Bureau: the headline “All items” index, “core” (excluding fresh food), and “core-core” (excluding fresh food and energy). All are set to 2020 = 100.
A key point for readers coming from the United States: in Japan, “core” means excluding fresh food only. The measure that also excludes energy is called “core-core” here.
How to read it: The index is set to 100 in the base year 2020. A value of 105 means prices in that basket are about 5% higher than the 2020 average.
Terms on this page
- Core CPI (Japan)
- Japan reports three main inflation measures: "All items" (headline), "core" which removes fresh food (whose prices are volatile), and "core-core" which removes both fresh food and energy. The Bank of Japan watches core and core-core closely. Note this differs from the United States, where "core" already excludes both food and energy.
- Core-core CPI
- The "core-core" index strips out fresh food and energy to show underlying price trends that are less affected by volatile commodity and weather-driven prices. It is closest to what the US calls "core" inflation.