Nationwide CPI for April

Japan's April CPI slowed to +1.4% YoY for the core gauge, coming in slightly weaker than consensus due to government subsidies and lower food inflation. However, inflation is expected to climb back above 2% by late 2026 as energy price pressures from the Middle East filter through.

Key Takeaways

• 1.April's nationwide CPI showed a slowdown across all major gauges (headline, core, and core-core) compared to March figures.
• 2.The deceleration was primarily driven by government energy subsidies, the elimination of public school meal fees, and cooling food prices.
• 3.Inflation is projected to reaccelerate in the second half of 2026 as higher energy costs from the Iran conflict feed through with a lag.

Table of Contents

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

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