东京消费者通胀的增速仍远高于日本央行2%的目标，凸显出在央行董事会预计将维持政策不变仅数小时前，物价压力依然持续。
The pace of consumer inflation in Tokyo remained well above the Bank of Japan’s 2% target, underscoring persistent price pressures just hours before the central bank’s board is expected to hold its policy settings steady.
总务省周五公布，10月东京都剔除生鲜食品的消费者价格同比上涨2.6%，涨幅较9月的2.7%略有放缓。该数据与经济学家的预测中值一致。
Consumer prices excluding fresh food rose 2.6% in October from a year earlier in the capital, as the pace slowed slightly from 2.7% in September, the Ministry of Internal Affairs and Communications reported Friday. The reading matched economists’ median forecast.
东京都整体通胀率为2.8%，而剔除生鲜食品和能源的核心通胀指标上涨2.6%。经济学家此前预测这两项指标均将上涨2.7%。东京的通胀数据是全国趋势的领先指标，不过地方性的生活成本控制措施有时会扭曲这一关系。
Overall inflation in the capital stood at 2.8%, while prices excluding fresh food and energy, a key gauge of underlying inflation, climbed 2.6%. Economists had forecast both measures would show 2.7% gains. Tokyo’s inflation data serve as a leading indicator for nationwide trends, although localized steps to cap living costs sometimes distort that relationship.
在最新一个月中，夏季电费和城市燃气费补贴帮助抑制了价格压力，这一效应预计将在未来几个月消退。因此，周五的数据不太可能阻碍日本央行在未来几个月内加息。尽管外界普遍预计央行周五将维持政策不变，但截至东京周五上午，隔夜掉期市场显示交易员预计12月加息的概率约为80%。
In the latest month, subsidies to reduce electricity and city gas bills over the summer months helped cap price pressure, an effect likely to fade in coming months. For that reason, Friday’s figures won’t likely derail the BOJ from conducting rate hikes in coming months. While the bank is widely expected to hold policy steady Friday, the overnight swaps market showed traders were pricing in a roughly 80% probability of a hike in December as of Friday morning in Tokyo.
即便有补贴，能源价格仍对指数上涨有所贡献，电费和天然气价格分别上涨1.7%和4.9%，两者均扭转了上月的下降趋势。住宿价格同比涨幅加快至6.7%，而加工食品价格涨幅略有放缓。
Even with the subsidies, energy prices contributed to gains in the index, as costs for electricity and natural gas rose 1.7% and 4.9%, respectively, as both components reversed from declines in the previous month. Price gains for lodging accelerated to 6.7% year on year, while price advances for processed food slowed a tad.
如果日本央行行长植田和男如外界预期那样宣布，潜在通胀终于达到央行2%的目标——此时距该行首次设定这一目标已有13年多——那么市场对日本央行近期加息的猜测将会升温。本周早些时候的数据显示，剔除生鲜食品和补贴等特殊因素后的消费者价格9月份同比上涨3.2%，为三年来最高，且涨幅明显快于上周全国CPI报告中官方公布的2.1%。
Speculation over a near-term BOJ rate hike would build if Governor Kazuo Ueda declares — as expected — that underlying inflation has finally come in line with the bank’s 2% target more than 13 years after the bank first adopted that goal. Data earlier this week showed that consumer prices excluding fresh food and special factors such as subsidies rose 3.2% in September from a year earlier, the highest in three years and a pace substantially faster than the official 2.1% gain in the national CPI report last week.
日本央行警告称，中东冲突和日元持续疲软等因素正在放大物价上行风险。
The BOJ has warned that developments including the Middle East conflict and a persistently weak yen are amplifying upside risks to prices.
截至8月，东京的关键物价指标已连续七个月低于2%，主要原因是政府的纾困措施，包括免除水费、扩大育儿补贴，以及在遏制能源通胀方面采取的各种举措。随着这些措施逐步退出，相关数据可能更清晰地反映潜在的价格压力。
Tokyo’s key price gauge had stayed below 2% for seven straight months through August, largely due to government relief measures that included waivers for water bills and expanded childcare subsidies on top of various steps to curb energy inflation. As those measures are phased out, the figures may provide a clearer picture of underlying price strength.