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February 23, 2026JAPAN CPI INFLATION, JANUARY 2026 Year-over-year (January 2026 vs January 2025)
Japan’s inflation (all items, year-over-year growth in consumer price index) was 1.5% in January 2026, down from 2.1% in December 2025. Japan's underlying inflation (all items excluding fresh food and energy) was 2.7%, down from 2.9% the previous month.
Japan's energy prices were down 5.2% in January 2026 compared with January 2025. Japan's food inflation was 3.8% 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 and fell below the 2% target in the first month of 2026.
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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