Central banks and marketsWed 28 Oct 2026 · 9 of 10

Bank of Japan releases core CPI estimates excluding institutional factors

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The Bank of Japan's Research and Statistics Department provides staff estimates for core CPI indicators that exclude institutional factors . These institutional factors include changes in the consumption tax rate, free education policies such as free school lunches starting in April 2026, the 2021 reduction in mobile phone charges, travel subsidy programs, and measures to reduce energy costs . The data are released at 2:00 p.m., two business days after the official CPI release . Core indicators comprise consumer price indices excluding institutional factors and distribution‑based measures such as the trimmed mean, weighted median, mode, and a diffusion index of increasing or decreasing items .

Why it matters. These adjusted figures help identify the underlying inflation rate, aiding inflation analysis .

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