Okasan Securities economist Ko Nakayama says Tokyo’s latest CPI shows the
oil-price rise from the Middle East conflict is increasingly feeding through to
goods. Prices for daily household items — tissues, toilet paper, plastic wrap,
plastic bags and kitchen towels — have risen broadly, indicating wider cost
pass-through. The pattern aligns with the Bank of Japan’s view that oil-driven
effects would show up around summer. Tokyo’s 23-ward CPI rose 1.9% YoY in
August, up from 1.8% in July.
