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Fri, 23 Oct 2026
BreakingMacro

Japan's CPI less fresh food and energy rises to 2.4% year on year in September

The rate was 1.9% in August. All items CPI and all items less fresh food each rose 2.1% in September 2026, the Statistics Bureau of Japan said on 23 October 2026.

By AI markets desk·Sources: 3 sources·Published ·AI-generated·2 min read

Accommodation and water charges each added 0.07 percentage points to the rise in Japan's all items inflation rate in September 2026, which climbed to 2.1% year on year from 1.9% in August, the Statistics Bureau of Japan said on 23 October 2026. Fresh food pulled the other way: its prices rose 2.1% after 6.0% in August, which narrowed the rise by 0.15 points. All items less fresh food rose 2.1%, up from 1.7% in August, and the measure excluding fresh food and energy rose 2.4%.

Key factsas of September 2026
  • All items CPI, year on year2.1 %
  • All items less fresh food, year on year2.1 %
  • All items less fresh food and energy, year on year2.4 %
  • All items less fresh food and energy, month on month (seasonally adjusted)0.5 %

Japan CPI, year-on-year change, September 2025 to September 2026

% · September 2026

All itemsAll items less fresh foodAll items less fresh food and energy
Japan CPI, year-on-year change, September 2025 to September 2026 (%)
Unit: %All itemsAll items less fresh foodAll items less fresh food and energy
Sep 20252.92.93
Oct 2025333.1
Nov 20252.933
Dec 20252.12.42.9
Jan 20261.51.92.5
Feb 20261.31.52.4
Mar 20261.51.72.4
Apr 20261.41.41.9
May 20261.51.41.8
Jun 20261.61.61.7
Jul 20261.91.81.9
Aug 20261.91.71.9
Sep 20262.12.12.4
Source: Statistics Bureau of Japan, 2025-base Consumer Price Index, Japan, September 2026, Table 1 (original series).

On a seasonally adjusted basis, the all items index rose 0.4% from August 2026, and both all items less fresh food and all items less fresh food and energy rose 0.5%. For the measure excluding fresh food and energy, that is the largest month-on-month rise in the bureau's table covering September 2025 to September 2026. The bureau revises its seasonally adjusted figures back in time each year when it publishes December results.

Numbers in context
  • 0.07 ppAccommodation charges

    Accommodation charges rose 4.6% year on year in September 2026 after a 1.4% fall in August, adding 0.07 percentage points to the change in the headline rate, by the bureau's breakdown.

  • 0.07 ppWater charges

    Water charges rose 4.9% year on year in September 2026, against a 3.5% fall in August, also adding 0.07 percentage points.

  • 0.04 ppFood excluding fresh food

    Food excluding fresh food rose 2.9% year on year in September 2026, after 2.7% in August, adding 0.04 percentage points.

Source: Statistics Bureau of Japan, 2025-base Consumer Price Index, Japan, September 2026, September 2026.

Two items were among the main contributors lowering the all items year-on-year rate in September 2026, the bureau said. Rice other than Koshihikari was 21.1% cheaper than a year earlier, and private high school tuition fees were 73.2% lower; each contributed -0.15 percentage points to the all items year-on-year rate. Education prices as a whole were 3.8% lower year on year, the same rate as in August.