Measures of underlying consumer inflation remove temporary disturbances and institutional effects from actual price movements, the Bank of Japan said in a publication released on Oct. 27.
The central bank's “Indicators for Core CPI,” published on Oct. 27, 2026, describes several staff measures rather than a single gauge. The supplied text contains no numerical findings, observation period or comparison with earlier readings.
The central bank said these measures help identify underlying inflation alongside information about economic capacity, conditions in the labour market, inflation expectations and wage growth. Its description does not assign any one indicator priority over the others.
The department's estimates fall into two groups, according to the publication. One adjusts consumer price indices to exclude institutional factors, while the other uses the distribution of price changes across individual items.
The first group therefore addresses adjustments to the price indices themselves, the publication said. The supplied text refers readers to a separate note on institutional factors but does not include that note or identify the factors removed.
The second group includes a trimmed mean, weighted median, mode and an index tracking items with rising or falling prices, the publication said. These measures draw on how price changes are spread across items.
The supplied text names those measures without explaining their individual calculations. It provides no trimming thresholds, item weights or numerical readings from which to compare the different measures of underlying inflation.
The publication identifies the estimates as the work of staff in the Bank of Japan's Research and Statistics Department. It names the Economic Assessment and Projection Group within the department's Economic Research Division.
The central bank said it normally releases the data at 2 p.m., two business days after Japan publishes its official consumer price index. The supplied text gives no observation date for this release.
The central bank said it makes the charts and data available to support its research and analysis and inform users interested in economic and financial developments. It does not give a policy conclusion in the supplied text.
The publication also says the charts and data can change, undergo revision or cease publication without a scheduled announcement. That qualification applies to the material made available through the indicators page.
The central bank asks users to credit it when quoting or copying the charts and data. It also directs users seeking to reproduce that material commercially to request permission from its Research and Statistics Department.
