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January 23, 2026JAPAN CPI INFLATION, DECEMBER AND ANNUAL 2025 Year-over-year (December 2025 vs December 2024)
Japan’s inflation (all items, year-over-year growth in consumer price index) was 2.1% in December 2025, down from 2.9% in November. Japan's underlying inflation (all items excluding fresh food and energy) was 2.9%, down from 3.0% the previous month.
Japan's energy prices were down 3.1% in December 2025 compared with December 2024. Japan's food inflation was 5.1% over this period.
Japan's inflation was highest at the end of 2022 and the beginning of 2023, but was lower than inflation in Canada. With Canada's and Nova Scotia's inflation rates decelerating faster in 2024, inflation has been higher in Japan than in Nova Scotia up until December 2025 when inflation in Japan was below Nova Scotia and Canada.
Annual 2025
On an annual basis, Japan's CPI inflation averaged 3.1% in 2025. Excluding fresh food and energy, Japan's inflation was 3.1% in 2025.
Japan's annual energy inflation was up 3.6% in 2025 while food prices increased by 6.8% on average.
Japan's annual inflation was stronger than annual inflation in Canada or Nova Scotia for the last two years.
Sources: Japan Statistics Bureau - Consumer Price Index; Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted; Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted
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