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Japan's wholesale prices rise 6.8%, below market forecast
September's annual increase eased from 7.6% in August, but inflation pressure kept expectations of a near-term Bank of Japan rate hike alive.
Japanese wholesale inflation reached 6.8% in September from a year earlier, falling short of market expectations as businesses passed along costs for fuel and chemicals. The Bank of Japan published the figures on October 13.
The annual increase was smaller than August's 7.6% rise and the median market forecast, also 7.6%. The corporate goods price index tracks what businesses charge one another for goods and services. Despite the slower increase, inflationary pressure continued to support market expectations that the BOJ could raise interest rates in the near term.
Separately, the import price index measured in yen recorded a September annual increase of 24.5%. That indicated continued pressure on raw material import costs from the weak Japanese currency.
The BOJ board will consider the wholesale price figures at its October policy meeting as it prepares updated quarterly forecasts for growth and inflation.