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affect japan's exports and corporate profits. in addition, in terms of a risk to overseas economies, it should be noted that the chinese economy, which recovered ahead of other economies from a decline caused by covid - 19, has shown a deceleration in its growth pace recently, partly because of power shortages and the debt problems in the real estate sector. the bank will closely monitor how these risks of globally prolonged supply - side constraints and deceleration in the chinese economy will affect global financial markets and japan's economy. ii. price developments let me move on to current developments in prices and the outlook for them. prices of a wide range of commodities, such as crude oil and natural gas, have increased clearly of late because global demand has surged, while on the supply side crude oil production has continued to be reduced ( chart 6 ). due to labor shortage and the stagnation of logistics, in addition to the rise in commodity prices, upward pressure on general prices has increased notably in the united states and europe. similarly, on the back of the rise in commodity prices, the producer price index ( ppi ) in japan - - which captures prices of goods traded within the domestic corporate sector - - has increased to 8 percent on a year - on - year basis for the first time since 1981. on the other hand, the consumer price index ( cpi ) for all items excluding fresh food has moved out of negative territory but has been only at around 0 percent in japan ( chart 7 ). one factor behind this is that japanese firms have sufficient supply capacity. since long - term employment has taken hold in japan, most of the firms have hoarded their employees even during the covid - 19 pandemic, partly on the back of employment adjustment subsidies and various measures to support corporate financing. this contrasts with u. s. firms, which conducted large - scale job cuts and layoffs immediately after the outbreak of covid - 19. labor hoarding has enabled japanese firms to maintain capacity to swiftly increase supply even when demand has risen due to the resumption of economic activity. another factor behind the low cpi in japan is firms'cautious price - setting stance. when japanese firms face supply - side constraints, they rarely announce price rises or allocate limited goods by giving preference to customers who are tolerant of higher prices. instead, they tend to put priority on long - term relationships with the customers and try to meet their demand as much as possible by keeping selling prices unchanged