Japan's central bank official Nakagawa dropped some interesting observations lately. Overall consumer spending? Still holding up strong. But here's the twist—people are pulling back on everyday essentials, particularly non-durable stuff. The culprit? Surging food prices eating into household budgets.

This split tells you something about how inflation hits different. Big-ticket items might still move, but when your grocery bill jumps, you start making cuts elsewhere. Classic demand destruction in action, just targeted at specific categories.

For markets watching monetary policy signals, this kind of granular data matters. It shows inflation isn't some abstract number—it's reshaping actual purchasing behavior on the ground.

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