Consumer Price Index (all items less fresh food, seasonally adjusted)

The Consumer Price Index is published monthly by Japan’s Ministry of Internal Affairs and Communications and tracks the prices of goods and services bought by households. This page uses the seasonally adjusted series for all items less fresh food (the so-called core CPI), which excludes fresh food whose prices swing with the weather, with 2025 set to 100. It is the series most often cited in the news and in discussions of the Bank of Japan’s price target. In the Cabinet Office’s Indexes of Business Conditions, the year-on-year change of the original series is adopted as lagging series Lg8. Moving averages and year-on-year change are shown to make the trend easier to follow.