FX.co ★ Tokyo Core CPI Edges Up to 1.5% in February, Signaling Slight Firming in Underlying Inflation

Tokyo’s core consumer prices excluding food and energy rose 1.5% year-over-year in February 2026, up from 1.4% in January, according to data updated on 26 February 2026. The indicator, which strips out more volatile food and energy components, is closely watched as a gauge of underlying inflation trends in Japan’s capital.

The February reading, measured against the same month a year earlier, suggests a modest firming in price pressures compared with January’s year-over-year increase. The previous figure, released for January 2026, had shown a 1.4% gain from January 2025, while February’s data mark a slightly faster pace of annual core price growth.

This uptick in Tokyo’s core CPI excluding food and energy provides an early signal of inflation dynamics that may influence expectations for nationwide price developments and future policy discussions, as investors and policymakers monitor whether underlying inflation continues to stabilize or gain further traction.