Current
-0.40%
Latest reading
Japan
JP cpi YOY
Japan inflation profileA mature economy where imported energy, yen moves and wage negotiations have recently mattered more than long-run deflation habits.
Period High
3.62%
Below peak
Period Low
-1.66%
Trending down
Net Change
-116.0%
Over selected period
| Date | Metric | Value | MoM Change |
|---|---|---|---|
| 2021-06 | CPI | -0.40% | ▲ +0.68 |
| 2021-05 | CPI | -1.08% | ▼ 1.24 |
| 2021-04 | CPI | 0.16% | ▼ 0.45 |
| 2021-03 | CPI | 0.61% | ▼ 0.17 |
| 2021-02 | CPI | 0.78% | ▼ 0.37 |
| 2021-01 | CPI | 1.15% | ▲ +0.48 |
| 2020-12 | CPI | 0.67% | ▲ +0.45 |
| 2020-11 | CPI | 0.22% | ▼ 0.13 |
| 2020-10 | CPI | 0.35% | ▲ +0.59 |
| 2020-09 | CPI | -0.24% | ▼ 0.16 |
| 2020-08 | CPI | -0.08% | ▼ 0.06 |
| 2020-07 | CPI | -0.02% | ▼ 2.27 |
| 2020-06 | CPI | 2.25% | ▼ 1.07 |
| 2020-05 | CPI | 3.32% | ▲ +1.71 |
| 2020-04 | CPI | 1.61% | ▲ +0.75 |
| 2020-03 | CPI | 0.86% | ▲ +1.35 |
| 2020-02 | CPI | -0.49% | ▼ 0.04 |
| 2020-01 | CPI | -0.45% | ▼ 0.61 |
| 2019-12 | CPI | 0.16% | ▲ +0.05 |
| 2019-11 | CPI | 0.11% | ▲ +0.46 |
| 2019-10 | CPI | -0.35% | ▲ +0.36 |
| 2019-09 | CPI | -0.71% | ▲ +0.95 |
| 2019-08 | CPI | -1.66% | ▼ 0.23 |
| 2019-07 | CPI | -1.43% | ▼ 2.21 |
| 2019-06 | CPI | 0.78% | ▼ 0.45 |
| 2019-05 | CPI | 1.23% | ▲ +0.76 |
| 2019-04 | CPI | 0.47% | ▲ +0.52 |
| 2019-03 | CPI | -0.05% | ▼ 0.40 |
| 2019-02 | CPI | 0.35% | ▲ +0.51 |
| 2019-01 | CPI | -0.16% | ▲ +0.50 |
| 2018-12 | CPI | -0.66% | ▼ 0.67 |
| 2018-11 | CPI | 0.01% | ■ 0.00 |
| 2018-10 | CPI | 0.01% | ▲ +0.08 |
| 2018-09 | CPI | -0.07% | ▲ +0.17 |
| 2018-08 | CPI | -0.24% | ▼ 0.08 |
| 2018-07 | CPI | -0.16% | ▲ +0.64 |
| 2018-06 | CPI | -0.80% | ▲ +0.65 |
| 2018-05 | CPI | -1.45% | ▼ 0.74 |
| 2018-04 | CPI | -0.71% | ▼ 0.39 |
| 2018-03 | CPI | -0.32% | ▲ +0.23 |
| 2018-02 | CPI | -0.55% | ▲ +0.40 |
| 2018-01 | CPI | -0.95% | ▼ 0.63 |
| 2017-12 | CPI | -0.32% | ▼ 0.87 |
| 2017-11 | CPI | 0.55% | ▲ +0.39 |
| 2017-10 | CPI | 0.16% | ▼ 1.73 |
| 2017-09 | CPI | 1.89% | ▲ +0.04 |
| 2017-08 | CPI | 1.85% | ▲ +1.37 |
| 2017-07 | CPI | 0.48% | ▲ +0.30 |
| 2017-06 | CPI | 0.18% | ▲ +0.80 |
| 2017-05 | CPI | -0.62% | ▼ 0.43 |
| 2017-04 | CPI | -0.19% | ▼ 0.81 |
| 2017-03 | CPI | 0.62% | ▼ 0.56 |
| 2017-02 | CPI | 1.18% | ▼ 0.33 |
| 2017-01 | CPI | 1.51% | ▲ +0.25 |
| 2016-12 | CPI | 1.26% | ▼ 0.70 |
| 2016-11 | CPI | 1.96% | ▼ 0.03 |
| 2016-10 | CPI | 1.99% | ▼ 1.35 |
| 2016-09 | CPI | 3.34% | ▼ 0.28 |
| 2016-08 | CPI | 3.62% | ▲ +1.12 |
| 2016-07 | CPI | 2.50% | ■ 0.00 |
Secular Data Trend Diagnosis
Japan has shifted from low inflation to a steadier price cycle
Japan CPI is shown at 2.7% for 2026-03. The displayed series begins at -0.2%, reaches a 3.1% high, and then settles close to the current level. That makes Japan different from the pages with very large inflation spikes. The key question is whether price growth has become broad enough to stay in the economy, or whether it is still mostly tied to import costs, energy and a few wage-sensitive categories.
GDP gives the page a firmer backdrop
The GDP reference is 560.4T for 2026 Q1, up from 535.0T at the start of the series. That upward move means the inflation reading is not happening in isolation. A reader can see moderate price growth beside a larger output base, which supports a more balanced interpretation than CPI alone would provide. It is not a boom signal, but it does show activity continuing to expand.
Imported costs still matter more than the headline suggests
Japan's inflation story often passes through imported energy, food inputs and currency-sensitive goods before it reaches the household budget. A 2.7% CPI reading can feel manageable in the chart, yet shoppers may still notice grocery, utility or transport changes if import costs remain firm. That is why this page avoids treating the latest number as a simple good-or-bad verdict.
Wage negotiations are part of the inflation test
When wages rise, price growth can become less dependent on imported shocks and more tied to domestic demand. The chart shows CPI holding near the upper part of Japan's recent range, below the 3.1% high but far above the -0.2% starting point. Users should watch whether wage gains support spending without pushing services prices into a faster climb.
The longer window shows why Japan deserves separate treatment
A short window may make Japan look stable around 2.7%. The longer view is more interesting: the dataset moves from mild deflation to positive inflation. That change matters for savings behavior, company pricing and policy expectations. Compared with the United States or Euro Area, the peak is lower, but the shift away from the old low-inflation pattern is the point of the page.
CPI and GDP together keep the reading practical
CPI shows that prices are rising at a moderate pace. GDP shows that output has moved from 535.0T to 560.4T in the displayed series. Together, those numbers suggest a country moving through a controlled inflation phase rather than a sharp price shock. Still, the table should be checked because a small change around this level can matter when the past baseline was much lower.
The inflation question is about persistence
For Japan, a CPI reading near 2.7% is not only a cost-of-living number. It also raises the question of whether inflation has become persistent enough to change pricing behavior. A reader should watch whether companies keep passing through costs, whether wages continue to respond, and whether households accept higher prices. The chart gives the level; the surrounding context explains why that level matters in a country long associated with weaker price growth.
The GDP scale needs local interpretation
Japan's GDP reference is shown as 560.4T, which reflects the unit structure of this dataset rather than a number to compare casually with U.S. or euro values. The useful point is the direction inside Japan's own series: it rises from 535.0T to 560.4T. That internal comparison is safer for users than cross-country scale comparisons, especially when currencies and data definitions differ.
What to watch next
The next signs to watch are wage growth, import prices and whether services inflation spreads. If CPI stays near 2.7% while GDP keeps edging higher, Japan's page will continue to read as a normalization story. If CPI accelerates above the recent high, the concern changes from welcome price normalization to a more uncomfortable cost-of-living issue. The copy also needs to be careful with tone. Japan's inflation is meaningful because of the country's own history, not because the number is high compared with every other economy. Framing the page around persistence, wages and import costs gives users a more accurate answer than simply calling the latest CPI reading high or low.
Explore Other Sovereign Profiles
Frequently Asked Questions
Why did Japan leave deflation behind? +
Japan is different because the series starts at -0.2% and later reaches positive inflation. The latest CPI reading is 2.7%, below the 3.1% high but far above the old low-inflation starting point.
How does the yen affect CPI? +
Japan GDP is shown at 560.4T for 2026 Q1, up from 535.0T in the displayed series. That gives the CPI reading a growth backdrop, although it does not show how evenly gains are distributed across households.
Why watch wage talks? +
Import costs matter because energy, food inputs and currency-sensitive goods can move retail prices. Even a moderate 2.7% CPI reading may feel noticeable if grocery or utility categories are doing most of the work.
What does real GDP show? +
Wages matter because they can turn imported price pressure into a broader domestic cycle. If wages rise while CPI stays near the current range, households may absorb prices better. If CPI rises faster than wages, pressure builds.
How often is CPI updated? +
The longer chart is useful because Japan moved from -0.2% to a 3.1% high before settling at 2.7%. That shift is more meaningful than a single monthly change around the latest value.