Friday, May 29, 2026
0830 JST (2330 GMT/1930 EDT Thursday, May 28) The Ministry of Internal Affairs and Communications releases May Tokyo CPI.
Mace News median: total CPI +1.6% y/y (range: +1.5% to +1.7%) vs. Apr +1.5%; core CPI (ex-fresh food) +1.5% (range: +1.4% to +1.7%) vs. Apr +1.5%; core-core CPI (ex-fresh food, energy) +1.9% (range: +1.6% to +2.0%) vs. Apr +1.9%
By Chikafumi Hodo
TOKYO (MaceNews) – Consumer inflation in Tokyo, a leading indicator of the national trend, is forecast to be little changed on the year in May from a month earlier, but key measures are expected to remain below or near the Bank of Japan’s 2% inflation target.
Tokyo’s consumer price index is expected to present a mixed picture in May amid the expiration of government subsidies for gas and electricity and higher taxi fares introduced in late April. There were also signs that apartment rents rose during the month, which marks the start of Japan’s financial year. Still, easing energy and food prices likely capped inflation gains in the capital. The government also continued emergency subsidies aimed at keeping gasoline prices around ¥170 per liter.
In April, all three key CPI measures fell below the BOJ’s 2% target for the first time since October 2024, and the underlying slowdown in prices is expected to persist this month.
The core CPI, which excludes fresh food, is expected to rise 1.5% from a year earlier in May, unchanged from April, the lowest reading since March 2022. The overall CPI is forecast to rise 1.6%, up from a 1.5% rise in April. The core-core index, which excludes both fresh food and energy, is expected to increase 1.9%, unchanged from April when it hit its lowest level since February 2025.