Indicators for Core CPI

Core inflation indicators, utilized for inflation analysis, are derived by eliminating transient disturbances and institutional influences from the observed changes in consumer prices. These core indicators play a crucial role in determining the genuine inflation rate, alongside other metrics such as the output gap, labor market tightness, inflation expectations, and wage growth rate.

This page showcases estimates from the Bank of Japan's Research and Statistics Department staff regarding these core indicators, encompassing (i) consumer price indices excluding institutional factors (Note 1) and (ii) indicators based on the distribution of price alterations across items (the trimmed mean, weighted median, mode, and diffusion index of increasing or decreasing items) (Note 2).

The data is typically published at 2:00 p.m., two business days following the release of the official Consumer Price Index for Japan. The accompanying charts and data are made available to support various research and analysis endeavors undertaken by the Bank of Japan, catering to a diverse array of users interested in economic and financial trends.

However, it is important to note that these charts and data may be subject to unscheduled revisions and terminations. If you wish to incorporate or reproduce any content from these charts and data for commercial purposes, prior permission must be sought from the Bank of Japan's Research and Statistics Department. When quoting, reproducing, or copying any portion of these charts and data, proper credit should be given to the Bank of Japan's Research and Statistics Department.

The Economic Assessment and Projection Group, Economic Research Division, within the Research and Statistics Department is responsible for these estimates.