Japan January PPI +0.6% m/m (expected +0.4%)

Bank of Japan data on wholesale inflation in January 2022

Producer Price Index is also known as the Corporate Goods Price Index, which is probably a better indication as to what it is.

January PPI +0.6% m/m

• expected +0.4%, prior 0.0%

+8.6% y/y

• expected +8.2%, prior 8.7%

These are hefty increases but so far the pass-through to consumer prices is very limited. The Bank of Japan target for consumer level inflation is 2% and data for this shows the current rate is well below.