日本8月全国CPI弱于预期，核心（除生鲜食品）环比季调仅涨0.1%，同比1.7%，略低于上月1.8%，主因政府恢复电力和燃气补贴及米价下跌带动食品通胀减速。更能反映潜在通胀的核心（除食品和能源）8月环比季调涨0.3%，与上月持平，同比升至1.6%。政府多项"生活成本对策"仍压制汽油、电力燃气、高中学费、学校午餐等广泛类别，拉低整体通胀；但在内需稳健支撑下，石油产品价格与工资成本向消费价格的传导正获动能。核心商品价格继上月环比涨0.8%后再涨0.6%，同比升至2.9%，家庭消耗品涨幅尤为显著；服务价格环比涨0.1%、同比1.2%，放缓主因通信费用趋稳，但其他服务类别已现上行迹象。食品方面，能源与材料成本上升带来广泛涨价压力，但被收获季前米价下跌抵消，价格环比持平、同比降至2.7%。
The August nationwide CPI came out weaker than expected, with the core measure (ex. fresh food) rising just 0.1%m/m sa to 1.7%oya, a notch softer than 1.8% in the previous month. That said, the main drivers of the slowdown were the government's resumption of electricity and gas subsidies and a deceleration in food inflation stemming from falling rice prices. Meanwhile, the core (ex. food and energy) measure that better captures underlying inflation continued to rise by 0.3%m/m sa in August, as in the prior month, bringing the oya rate to 1.6%. Various government "cost-of-living measures" are still suppressing inflation across a wide range of categories—including gasoline, electricity and gas, high school tuition, and school lunch fees—thereby pushing down the headline inflation rate. However, supported by firm domestic demand, the pass-through of higher petroleum product prices and wage costs into consumer prices appears to be gaining momentum. Looking at the details, a rise in core go