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October Surprise 2024

Japan CPI in June 2025: Inflation Eases but Challenges Remain

In June 2025, Japan’s Consumer Price Index (CPI) increased by 3.3% year-on-year, easing from 3.5% in May and marking the lowest level since November 2024. The core CPI (excluding fresh food) also posted a 3.3% gain, remaining firmly above the Bank of Japan’s 2% target. The core-core CPI (excluding fresh food and energy) rose 3.4%, reflecting sustained underlying inflationary pressures.