Nationwide CPI April Review and Outlook

Japan's April CPI growth slowed to 1.4% due to school meal subsidies and energy price controls, missing market consensus. However, Mizuho analysts expect a reacceleration in 2H 2026 driven by higher oil costs feeding into goods prices.

Key Takeaways

• 1.Japan's nationwide CPI for April slowed to +1.4% (headline) and +1.9% (core-core) primarily due to government policy factors and a cooling in food inflation.
• 2.Government interventions, including the elimination of public school meal fees and gasoline subsidies, significantly dragged down the inflation reading.
• 3.Inflation is expected to reaccelerate from the second half of 2026 as higher energy costs from the Iran situation begin to feed through to broader goods prices.

Table of Contents

• Goods and services
• Outlook
• Important Disclosure Information
• Analyst Certification
• Disclaimer

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