Japan Wholesale Inflation Surges to 6.3%, Outpacing Forecasts

TOKYO - Japan’s wholesale prices surged 6.3 percent in the year through May, surpassing market forecasts and underscoring intensifying price pressures linked to the conflict in the Middle East.

The Producer Price Index (CGPI), which tracks the costs companies charge one another for goods and services, exceeded the median market expectation of a 5.5 percent increase. This follows a revised 5.3 percent rise recorded in April.

Import costs accelerated sharply as well. The yen-based import price index jumped 25.5 percent from a year earlier in May, up from a revised 21.0 percent gain in April, according to Bank of Japan data.

On a monthly basis, wholesale prices rose 0.9 percent in May, slowing from the revised 2.8 percent gain seen in April.