Tokyo core CPI excluding fresh food rose 1.8% YoY in August; core-core CPI (ex fresh food and energy) rose 2.0% YoY and headline CPI rose 1.9% YoY. This is the third consecutive month of acceleration, with price gains concentrated in education, recre

2026-08-28

Tokyo core CPI excluding fresh food rose 1.8% YoY in August; core-core CPI (ex fresh food and energy) rose 2.0% YoY and headline CPI rose 1.9% YoY. This is the third consecutive month of acceleration, with price gains concentrated in education, recreation and healthcare-related items. Tokyo is treated as a leading indicator for nationwide inflation but metro data can be distorted by local government measures. The persistent uptick reinforces the Bank of Japan's case for a September rate hike; OIS-implied odds of a September move are about 82%.