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April 24, 2026JAPAN CPI INFLATION, MARCH 2026 Year-over-year (March 2026 vs March 2025)
Japan’s inflation (all items, year-over-year growth in consumer price index) was 1.4% in March 2026, up from 1.3% in February. Japan's underlying inflation (all items excluding fresh food and energy) was 2.5%, down from 2.6% the previous month.
Japan's energy prices were down 5.7% in March 2026 compared with March 2025. Japan's food inflation was 3.6% 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 was higher in Japan than in Nova Scotia up until December 2025 when inflation in Japan fell below Nova Scotia and Canada and fell below the 2% target in the first three months 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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