Commentary Directory
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- A Strong March Leads to a Surge in Chinese GDP in Q1 2023
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- Japanese Consumer Confidence Jumps to Highest Level in Over a Year
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- Inflation and Tight Financial Conditions Weigh on the German Consumer
- Euro Area Money Supply Contracts for the First Time Since 2010
- Dismal Economic Data Out of Germany
- Core Durable Goods New Orders See Gentle Uptrend in July
- More UK Data Pointing to Q3 Decline
- Whispers of a UK Contraction in Q3
- Japan's Core Inflation Resumes Uptrend in July
- Early July Economic Data Leads to a Sharp Increase in Q3 Growth Expectations
- UK CPI: Energy Inflation Crashes but Services Inflation is Still Sticky
- China's Weak Start to Q3 Means More PBoC Easing
- Bank of Japan is Too Optimistic on Inflation
- The Bank of England Pauses in a Near Split Decision
- UK Inflation August Update: A Precursor to the Bank of England's Announcement
- Housing Starts Tumble in August Amid Rising Mortgage Rates
- US Retail Sales Grow at Fastest Monthly Rate Since the Start of the Year
- US Consumer Prices Surge in August Driven by Energy Costs
- August NFIB Survey Showed a Tough Environment for Small Businesses
- All Signs Point to a Weaker Labor Market in August
- Thoughts on GME and This Week in the Stock Market
- Record Home Price Levels Point to Strength in Post-Pandemic Economy
- The Stock Market Looks Overvalued, but It's Probably Not
- China GDP Growth Surpasses Expectations
- President-elect Joe Biden Introduces His "American Rescue Plan"
- Political Polarization Intensifies with Another Impeachment Along Party Lines
- Metal Demand Has a Bright Future in 2021 and Beyond
- What Happened to That US-China Trade Dispute?
- Civil Unrest, A Rising Threat to the 2021 Economy
- What's in the $900 Billion Relief Plan?
Japan PPI: August 2023
Jacob Hess
September 13, 2023
- EconoBrief
- Japan
Japan PPI
9/13/2023 (August 2023)
3.2% YoY (0.3% MoM)
In-line
Highlights
| Import Price Index | -11.8% YoY (0.9% MoM) |
| Export Price Index | 3.7% YoY (1.9% MoM) |
Japan’s PPI grew 0.3% MoM and 3.2% YoY in August, down from 3.4% YoY. The monthly increase was the largest since April. Export prices jumped 1.9% MoM, the largest monthly increase since September 2022, and pushed the annual change to the highest since March 2023 at 3.7% YoY. The Import Price Index also increased, up 0.9% MoM, but the annual decline was still a sharp -11.8% YoY.
Petroleum and coal product prices are the main cause of the rise of the PPI, contributing 0.35 ppts to the MoM headline figure and growing 5.2% MoM and 7.5% YoY. Just two months ago, this segment was negative at -2.6% YoY which means that rising energy costs are set to become a near-term force for inflation in Japan in Q3. The other product segments made small contributions as many saw little change on the month. Notable changes include a -22.1% YoY decline in lumber and wood products, and nonferrous metals and metals products increasing 6.7% YoY and 8.0% YoY respectively.
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