Tokyo’s October CPI release showed the contribution from goods prices broadly unchanged at +1.61pp versus +1.62pp previously. Within that, food inflation continued to ease as its contribution slowed to +0.74pp from +0.86pp, a move linked partly to a higher base in October 2025. At the same time, upstream pricing pressures were described as not yet fully passing through to households, with producer and consumer measures diverging in recent months.
Trends In Food And Producer Inflation
Within that, food inflation continued to ease as its contribution slowed to +0.74pp from +0.86pp, a move linked partly to a higher base in October 2025. At the same time, upstream pricing pressures were described as not yet fully passing through to households, with producer and consumer measures diverging in recent months.
Oil, Energy Costs, And Inflation Risks
Oil-related goods inflation edged higher, with its contribution rising to +0.20pp from +0.18pp, extending an upward trend. Over the past four months the contribution from these items increased from +0.06pp in June, while energy cost increases were said to be only partially reflected in consumer prices, in part due to unrest in the Middle East. The balance of risks for goods inflation over the coming months was framed as skewed to the upside.
