Friday, May 1, 2026
0830 JST (2330 GMT/1930 EDT Thursday, April 30) The Ministry of Internal Affairs and Communications releases April Tokyo CPI.
Mace News median: total CPI +1.6% y/y (range: +1.4% to +1.9%) vs. Mar +1.4%; core CPI (ex-fresh food) +1.8% (range: +1.6% to +2.0%) vs. Mar +1.7%; core-core CPI (ex-fresh food, energy) +2.3% (range: +2.0% to +2.5%) vs. Mar +2.3%
By Chikafumi Hodo
TOKYO (MaceNews) – The Tokyo consumer price index, a leading indicator of nationwide price trends, is expected to edge higher across the two main measures in April. The closely watched core CPI is seen accelerating for the first time in six months but is likely to remain below the Bank of Japan’s 2% inflation target for a third straight month.
The core CPI, which excludes fresh food, is projected to rise 1.8% in April from a near two-year low of 1.7% a month earlier. The underlying weakness of the yen continues to pose upside inflation risks.
Consumer inflation is seen edging up as the government is scaling back subsidies for electricity and gas from April, along with train fare hikes implemented from mid-March. Gasoline prices remain elevated amid tensions in the Middle East, but energy costs have been kept relatively contained by the government emergency subsidies, which cap gasoline prices at around ¥170 per liter. Meanwhile, food price gains appear to be slowing, with supermarket prices also trending lower.
Elsewhere, the overall CPI is expected to pick up for the first time since October last year, rising 1.6% on the year in April after increasing 1.4% in March. The core-core index, which excludes fresh food and energy, is seen holding steady at 2.3%.