Reading Price Indexes: 'Excluding Fresh Food' vs 'Excluding Fresh Food and Energy'How Much Have Prices Risen? How to Read the Numbers in the News
Nationwide consumer prices for September, released on October 23, rose 2.1% from a year earlier for all items, 2.1% for all items excluding fresh food (core), and 2.4% for all items excluding fresh food and energy (core-core). The BOJ uses these indexes differently to see the underlying trend in prices. Based on publications from the Statistics Bureau and the BOJ, this article explains the differences and how to read the outlook.
Key points
- September, year on year (Statistics Bureau): all items 2.1% (index 102.2), excluding fresh food 2.1% (102.3), excluding fresh food and energy 2.4% (102.8). 2025 base, released October 23
- The difference: fresh food prices swing with the weather, and energy is affected by crude oil prices and government subsidies. Indexes that exclude them are used to see the underlying trend in prices without those swings
- BOJ July Outlook Report: consumer prices excluding fresh food are projected to rise clearly above 2% from the second half of FY2026 and then narrow. Government energy relief measures push down FY2026
- The index excluding fresh food and energy is expected to stay above 2% and then narrow as the effect of high oil prices fades. The BOJ sees the underlying rate of inflation reaching a level broadly consistent with the price stability target from the second half of FY2026 into FY2027
What to do in practice
- In pricing and wage decisions, look at the growth of the index excluding energy as well as the all-items index
- Break down which items (energy, materials, labor) are driving your own purchase cost increases
- Check the latest index on the Statistics Bureau's site and the BOJ's outlook in the Outlook Report
The rate at which the prices of things go up is called the inflation rate. In September, compared with a year earlier, the usual index rose 2.1%, the index without vegetables, fish and other fresh food also rose 2.1%, and the one that also leaves out energy such as electricity and gasoline rose 2.4%. The numbers change a little depending on what is left out.
Points
- Fresh food such as vegetables and fish changes a lot in price with the weather, so it is sometimes left out
- Energy such as electricity and gasoline moves with foreign prices and government help, so the number without it is also checked. In September it was the biggest at 2.4%
- The Bank of Japan aims for prices to settle at about 2%. In its July report it expects prices to rise above 2% for a while and then calm down
What the words mean
- Consumer prices
- The prices of things households buy, put together into one number
- Core
- A price number worked out without fresh food, whose price moves a lot
- Core-core
- A price number worked out without both fresh food and energy
- Statistics Bureau of Japan, Bank of Japan: Statistics Bureau of Japan: Consumer Price Index (Nationwide), Latest Results
- Statistics Bureau of Japan, Bank of Japan: Bank of Japan: Outlook for Economic Activity and Prices (July 2026)
Economic news presents published statistics and outlooks. It is not investment solicitation or trading advice. Figures are as of publication and may be revised.
This article summarizes and explains materials published by government agencies and is not advice on any individual case. Rules can change, so for actual procedures and decisions always check the latest original materials and consult professionals such as tax accountants or labor and social security attorneys. English, Simplified Chinese and Traditional Chinese versions are translations prepared from the Japanese articles for convenience. If anything differs, the Japanese text and the original source take precedence.