economy
Japan wholesale inflation eases slightly to 7.2%, undershooting expectations
The PPI reading was lower than the 7.4% expected by economists polled by Reuters, and was down from a revised 7.3% seen in June.
TL;DR
- Japan's producer price growth slowed to 7.2% year-on-year in July, below the expected 7.4%.
- Electricity prices were the main contributor to the producer price index increase in July.
- Higher energy prices and a weaker yen continue to pressure import costs for businesses.
- Consumer inflation remains relatively low at 1.9% (headline) and 1.6% (core) in June, attributed to government subsidies.
- Bank of Japan board members are concerned about rising oil prices and some are calling for faster rate hikes.