Tokyo consumer inflation eases to 2.9% in July

Tokyo's consumer price index rose 2.9% year on year in July 2026, down from 3.1% the previous month, according to data released by the Statistics Bureau of Japan on Friday, 24 July 2026.

The Tokyo core index (excluding fresh food) also eased to 2.9% from 3.1%, and the measure excluding fresh food and energy came in at 2.9%. The Tokyo CPI is typically treated as a leading indicator for Japan's nationwide figure and a guide to the Bank of Japan's interest rate decisions.

The easing was recorded before the recent surge in energy prices has fully fed through into the inflation data.