Japan Core Inflation Measures (BOJ)
Bank of Japan measures of underlying inflation from the consumer price index: trimmed mean, weighted median, mode, CPI excluding fresh food / energy / food with institutional factors (consumption tax, free education and similar policy changes) removed, and the shares of items whose prices rose or fell.
| Indicator | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | 07-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trimmed mean | 2.03 | 1.8 | 1.71 | 1.66 | 1.85 | 1.68 | 1.67 | 1.9 | 2.24 | 2.23 | 2.11 | 2.05 | 2.01 | 2.26 | 2.5 | 2.4 | 2.21 | 2.19 | 2.15 | 1.91 | 1.72 | 1.48 | 1.72 | 1.8 | 1.75 | 2.14 | 2.13 | 1.85 | 2.17 | 2.26 | 2.59 | 2.64 | 2.72 | 3.01 | 3.42 | 3.31 | 3.26 | |
| Weighted median | 1.08 | 1.12 | 0.77 | 0.68 | 0.83 | 0.74 | 0.79 | 0.84 | 1.32 | 1.51 | 1.37 | 1.07 | 1.11 | 1.38 | 1.72 | 1.7 | 1.38 | 1.41 | 1.39 | 1.04 | 0.92 | 0.76 | 0.85 | 0.69 | 1.08 | 1.45 | 1.29 | 1.06 | 1.32 | 1.37 | 1.88 | 1.65 | 1.71 | 2.16 | 2.03 | 1.82 | 1.57 | |
| Mode | 1.4 | 1.2 | 1.1 | 1 | 1.4 | 1.6 | 1.3 | 1.4 | 1.4 | 1.6 | 1.7 | 1.9 | 1.5 | 1.4 | 1.6 | 1.8 | 1.4 | 1.2 | 1.3 | 1.1 | 1.1 | 1.3 | 1.4 | 1.3 | 1.5 | 1.6 | 1.5 | 1.6 | 1.9 | 2 | 2.3 | 2.4 | 2.4 | 2.6 | 2.8 | 3 | 3 | |
| Excluding fresh food and institutional factors | 2.3 | 2.6 | 2.6 | 2.7 | 2.3 | 2 | 2.1 | 2.7 | 2.7 | 2.8 | 2.8 | 3 | 2.8 | 3 | 2.9 | 2.9 | 2.9 | 2.8 | 2.8 | 2.4 | 2.3 | 2 | 1.9 | 1.9 | 2.1 | 2 | 2.2 | 1.9 | 2 | 2.2 | 2.4 | 2.5 | 2.6 | 3.2 | 3.5 | 3.8 | 3.6 | |
| Excluding fresh food, energy and institutional factors | 2.2 | 2 | 2.1 | 2.2 | 2.5 | 2.5 | 2.6 | 3.1 | 3.2 | 3.3 | 3.2 | 3.5 | 3.6 | 3.6 | 3.5 | 3.2 | 3 | 2.7 | 2.6 | 2.5 | 2.5 | 2.4 | 2.2 | 2.1 | 1.9 | 2.1 | 2.1 | 2.4 | 2.8 | 3 | 3.4 | 3.4 | 3.5 | 3.8 | 4.2 | 4.3 | 4.3 | |
| Excluding food, energy and institutional factors | 1.6 | 1.4 | 1.4 | 1.4 | 1.8 | 1.7 | 1.7 | 1.8 | 1.9 | 1.9 | 1.6 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.7 | 1.6 | 1.6 | 1.7 | 1.8 | 1.7 | 1.8 | 1.8 | 1.6 | 1.8 | 1.7 | 2 | 2 | 2.3 | 2.4 | 2.4 | 2.3 | 2.4 | 2.6 | 2.7 | 2.7 | |
| Share of rising and falling items3 | ||||||||||||||||||||||||||||||||||||||
| Share of increasing items | 72.4 | 72.59 | 71.64 | 72.02 | 74.29 | 73.72 | 73.91 | 75.67 | 78.74 | 77.39 | 77.59 | 80.08 | 79.69 | 80.46 | 81.61 | 80.27 | 80.46 | 78.74 | 77.01 | 75.67 | 75.48 | 75.1 | 76.05 | 74.71 | 75.67 | 78.74 | 79.31 | 80.84 | 79.5 | 81.8 | 83.91 | 81.99 | 82.95 | 84.67 | 86.97 | 86.02 | 85.63 | |
| Share of decreasing items | 23.25 | 22.87 | 23.63 | 23.06 | 20.79 | 21.17 | 20.6 | 18.77 | 15.9 | 16.86 | 17.62 | 14.56 | 14.56 | 13.6 | 13.22 | 14.18 | 14.18 | 15.71 | 17.24 | 18.97 | 19.35 | 19.54 | 18.2 | 19.92 | 18.77 | 16.09 | 15.52 | 13.98 | 15.13 | 12.84 | 10.73 | 12.07 | 11.3 | 9.58 | 7.28 | 8.24 | 8.43 | |
| Diffusion index (rising minus falling) | 49.15 | 49.72 | 48.02 | 48.96 | 53.5 | 52.55 | 53.31 | 56.9 | 62.84 | 60.54 | 59.96 | 65.52 | 65.13 | 66.86 | 68.39 | 66.09 | 66.28 | 63.03 | 59.77 | 56.7 | 56.13 | 55.56 | 57.85 | 54.79 | 56.9 | 62.64 | 63.79 | 66.86 | 64.37 | 68.97 | 73.18 | 69.92 | 71.65 | 75.1 | 79.69 | 77.78 | 77.2 |
Latest reading
Trimmed mean stood at 2.03 % y/y in Jul 2026. That is +0.2 pp from Jun 2026 and unchanged from a year earlier. The series on this page is monthly and runs from Jan 2001 to Jul 2026.
- Latest
- 2.03 % y/y
- Jul 2026
- vs previous period
- +0.2 pp
- Jun 2026
- vs a year earlier
- 0.0 pp
About this data
Bank of Japan measures of underlying inflation from the consumer price index: trimmed mean, weighted median, mode, CPI excluding fresh food / energy / food with institutional factors (consumption tax, free education and similar policy changes) removed, and the shares of items whose prices rose or fell. Year-on-year, monthly from 2001; each month uses the newest CPI base year published for it (2025, 2020, 2015 … base spliced).
