Japan's producer prices fell 0.3% in September; annual rate eases to 6.8%
Serguey Asael Shinder1 min readThe Bank of Japan published preliminary Corporate Goods Price Index figures for September 2026 on 13 October at 8:50 a.m. Tokyo time.
Producer prices. The Producer Price Index fell 0.3% from August, the same decline as in the revised August figure. On a year earlier it was up 6.8%, after 7.6% in August and a peak of 7.7% in July. The index stands at 135.7 (calendar 2020 = 100).
What moved it. The BoJ's contribution table attributes the monthly fall mainly to agriculture, forestry and fishery products (−0.42 points) — brown rice, polished rice and pork — and petroleum and coal products (−0.15), led by heavy oil, gas oil and jet fuel. Small positive contributions came from electricity, gas and water, plastics, foods, metal products, chemicals and steel.
Export and import prices. On a contract-currency basis, export prices rose 1.4% on the month, with electric and electronic products — including MOS memory integrated circuits — contributing 0.80 points, and import prices rose 1.0%, led by liquefied natural gas, naphtha and jet fuel (0.69 points). On a yen basis, export prices rose 0.5% on the month and are 17.9% higher than a year earlier; import prices fell 0.2% on the month and are 24.5% higher than a year earlier.
The exchange-rate column. The release's dollar/yen column shows a −1.5% monthly change, which the BoJ's notes define as an appreciation of the yen.
Reading the series. Producer price inflation has now eased for two months from July's peak, but remains far above the 2.5–2.8% annual rates the same table shows for August to December 2025. Import prices are still rising in contract-currency terms.
Source: Bank of Japan, "Monthly Report on the Corporate Goods Price Index (Preliminary Figures for September 2026)" — http://www.boj.or.jp/en/statistics/pi/cgpi_release/cgpi2609.pdf