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Inflation · November 12, 2026 · 2 min read

Japan producer prices rise 7.1% annually; import-price readings depend on currency basis

By Econ Data Tools Editorial Team

Published November 12, 2026 • Updated November 12, 2026

October preliminary BOJ data show producer prices up 0.7% monthly and import prices up 24.8% annually in yen terms, versus 19.2% in contract currencies.

Japan's producer prices rose 0.7% in October from the previous month and 7.1% from a year earlier, according to the Bank of Japan's November 12 preliminary Corporate Goods Price Index report. The producer price index stood at 136.8 on a 2020 base of 100. These are producer-level goods prices, not a reading of household consumer inflation. The annual producer-price increase accelerated from September's revised 6.8%, while the monthly change reversed September's 0.2% decline. The separate series excluding extra charges for summer electricity rose 0.9% in October. That adjustment should not be confused with the headline monthly increase of 0.7% or treated as a broad core-inflation measure. Import prices rose 3.3% in October on a yen basis and 24.8% from a year earlier. On a contract-currency basis, they rose 2.3% over the month and 19.2% over the year. The two presentations are not interchangeable: reporting only the larger yen-based figure as if it were the change in foreign-currency supplier prices would obscure an important distinction in the release. Export prices also rose, but with different monthly and annual readings depending on the currency basis. The yen-based export index increased 1.1% over the month and 16.7% over the year. The contract-currency index rose 0.6% and 12.2%, respectively. These are price indexes, not export volumes, shipment values or a measure of real demand. The report's contribution table identifies petroleum, coal and natural gas as the largest listed positive contribution to the monthly increase in contract-currency import prices. For producer prices, petroleum and coal products, chemicals, and electric power, gas and water contributed positively, while agriculture, forestry and fishery products contributed negatively. The aggregate increase does not mean every category rose. The figures remain preliminary, and the tables mark revisions to earlier observations. For comparisons, use the same index and currency basis across months, and distinguish an index level from its monthly or annual growth rate. This release by itself does not establish the timing of a Bank of Japan rate move, a currency intervention, or the size of any future pass-through to consumer prices.

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