Japan Retail Sector: June CPI: implications for retail

研报英文原文证据摘录

Japan Retail Sector: June CPI: implications for retail

Global Research

28 July 2026ab

Japan Retail Sector Equities

JapanJune CPI: implications for retail

Retail

Takahiro Kazahaya

On 24 July, the Ministry of Internal Affairs and Communications released (link, Japanese Analyst

only) the Consumer Price Index for June 2026 (2020 base year). In June 2026, the takahiro.kazahaya@ubs.com

headline index was 113.6 with 2020 indexed to 100, up 1.7% yoy and up 0.3% mom +81-3-5208 6226

(seasonally adjusted). The core CPI, excluding fresh food was 113.1, up 1.6% yoy and up Kazuki Oike

0.2% mom (seasonally adjusted), while the core-core CPI excluding fresh food and Analyst

energy was 112.2, up a seasonally adjusted 1.7% yoy and up 0.2% mom (Figure 1CPIcomparedwithsamemonthinpreviousyear,contributionratios and kazuki.oike@ubs.com

Figure 2CoreCPI,CoreCoreCPIcomparedwiththesamemonthinthepreviousyear). +81-3-5208 6964

Hirotaro Hasegawa

Contributions to the yoy change in June were +0.16 from fresh food, +0.78 from food Associate Analyst

excluding fresh food, +0.06 from clothing and footwear, 0.00 from utilities, +0.14 from hirotaro.hasegawa@ubs.com

culture and recreation, and +0.32 from transportation and communications, indicating +81-3-5208 6684

that food contributed significantly to price increases. The MIC discloses yoy changes in

the CPI for energy components and their contributions to yoy change in the headline

index. Energy was -2.5% yoy with a contribution of -0.20 in May, versus -0.1% yoy with

a contribution of -0.01 in June. The decline was driven by lower electricity, gas, and

gasoline prices, although gasoline prices were impacted by the abolition of the

provisional gasoline tax surcharge. Food excluding fresh food was +3.5% yoy with a