野村发布2026年9月日本通胀监测报告，回顾8月全国CPI数据。8月核心CPI（剔除生鲜食品）同比涨1.7%，低于7月的1.8%及市场预期；核心核心CPI（剔除能源和生鲜食品）同比涨1.9%，与前月持平；剔除能源与食品但含酒类的指标同比涨1.6%，较前月1.4%加快。通胀放缓主要源于政府抑制电费与燃气费的措施，拖累同比约0.2个百分点；若剔除政策影响，核心通胀明显加速。企业持续转嫁原油价格上涨，尤其体现在商品端，手机（iPhone涨价）、塑料袋、卫生纸等涨幅突出；受大米价格下跌拖累，核心食品通胀由3.1%放缓至2.8%。全国房租通胀持平于0.5%，未出现东京CPI中的加速迹象；一般服务（剔除房租与波动项）通胀由2.5%升至2.6%。报告估计日本央行8月剔除制度性因素的核心CPI将升至2.7%。
Nomura Japan Inflation Monitor (September 2026): August all-Japan core CPI inflation slowed to +1.7% y-y from +1.8% in July, below market consensus, but companies continued to raise prices in response to higher crude oil prices. Core-core CPI (ex energy and fresh food) was unchanged at +1.9%, while inflation ex energy and food (including alcoholic beverages) accelerated to +1.6% from +1.4%. The slowdown reflected government measures to rein in electricity and gas charges (about -0.2ppt); excluding policy effects, core inflation accelerated noticeably. Inflation for goods other than food and energy continued to accelerate (mobile phones on iPhone price hikes, plastic bags, toilet paper), while food inflation slowed (core foods +2.8% from +3.1%). Nationwide rent inflation was unchanged at +0.5%, showing no sign of the acceleration seen in the Tokyo CPI, while general services inflation rose to +2.6% from +2.5%. Unlike during the 2021-22 oil price surge, inflationary pressures are spreadi