Japan Retail Sector "April CPI: Implications for the retail sector" Kazahaya

Research evidence excerpt

Japan Retail Sector "April CPI: Implications for the retail sector" Kazahaya

Global Research

22 May 2026ab

Japan Retail Sector Equities

JapanApril CPI: Implications for the retail sector

Retail

Takahiro Kazahaya

On 22 May, the Ministry of Internal Affairs and Communications (MIC) announced the Analyst

Consumer Price Index (CPI) for April 2026 (2020 basis). The headline index for the takahiro.kazahaya@ubs.com

month, with 2020 equal to 100, stood at 113.0, +1.4% yoy and +0.1% mom +81-3-5208 6226

(seasonally adjusted). The core CPI (excluding fresh food) was 112.5, +1.4% yoy and Kazuki Oike

about the same level as in the previous month (sa). The core core CPI (excluding fresh Associate Analyst

food and energy) was 111.8, +1.9% yoy and -0.2% mom (sa) (Figure 1CPIcomparedwithsamemonthinpreviousyear,contributionratios, Figure 2CoreCPI,CoreCoreCPIcomparedwiththesamemonthinthepreviousyear). kazuki.oike@ubs.com

+81-3-5208 6964

Contributions to the yoy change in the headline index in April were +0.01pt from fresh

food, +1.01pt from food excluding fresh food, +0.05pt from clothing and footwear, -

0.11pt from fuel, light and water, +0.12pt from culture and recreation, and +0.20pt

from transportation and communications. Food contributed to the price rises. The MIC

discloses yoy changes in the CPI for energy components and their contribution to yoy

changes in the headline index. While the energy CPI was -5.7% yoy with a -0.45pt

contribution in March, it was -3.9% yoy with a -0.31pt contribution in April, driven by

declines in electricity, gas, and gasoline prices, although gasoline prices were impacted

by the abolition of the provisional gasoline tax surcharge. For food excluding fresh food,

the CPI was +5.2% yoy with a +1.27pt contribution in March, and in April it was +4.1%