Japan's overall economy, despite being affected by factors such as a rise in commodity prices, seems to have picked up as the resumption of economic activity has progressed while public health has been protected from COVID-19. B. Prices in Japan 1. Current situation Let me now turn to Japan's price developments.
The year-on-year rate of increase in the consumer price index (CPI) for August 2022 was 2.8 percent for all items less fresh food and 1.6 percent for all items less fresh food and energy (Chart 7).