2026.04.2323:30:00UTC+00Japan’s National CPI Turns Positive in March, Signaling Rebound in Price Momentum

Japan’s national Consumer Price Index (CPI) moved back into positive territory in March 2026, rising 0.4% month-over-month, according to data updated on 23 April 2026. The shift marks a notable turnaround from the previous reading of -0.2%, which reflected price dynamics in the prior month.

The latest figure indicates that, on a month-over-month basis, prices in March increased compared with February, whereas the earlier -0.2% print showed a slight decline relative to January. The move from negative to positive territory suggests a rebound in short-term price momentum, as the actual March change in prices outpaced the softening seen in the preceding month.

With the CPI now registering a 0.4% month-over-month gain, market participants and policymakers will be watching closely to assess whether this nascent pickup in prices is sustained, or if it proves to be a temporary correction following earlier weakness in consumer price growth.