worldstat.us · Japan · Cycle layer · Indicator
Core CPI, y/y
Fetched 18 Sep 2026, 10:17 UTC
2.2 %
Normal 0.8 pp below the 3.0 % trigger · flat
As of Jul 2026 · Threshold > 3.0 %
Recession, Oct 2018 to May 202001234Threshold > 3.0 %Trigger > 3.0 %20182020202220242026
2016 to 2026 · percent. Shaded bands are recessions.
What it is

Consumer prices excluding fresh food and energy, as a change over twelve months, as compiled by the Bank of Japan in its Indicators for Core CPI. It is the measure the Bank cites for underlying inflation, spliced across CPI base years.

Threshold source: Bank of Japan target 2 %; one point above is where the Bank has tightened. How thresholds are chosen

Known weaknesses

Published two business days after the official CPI, so about a month after the reference month. The splice across base years introduces small breaks at each rebasing.