Back to news
Japan · Central banks · Inflation & data · Source: Bank of Japan
Japan's services producer prices up 3.7% in September as ocean freight nearly doubles
Published
Editor: Hedal Kolanyi / AI-assisted
Corrections: none so far. Spotted an error? Tell us via the Contact page.
Summary: Prices that Japanese companies charge each other for services rose 3.7% from a year earlier in September, slightly faster than in August, Bank of Japan data show. Transport costs, led by ocean freight, drove most of the pick-up.
What happened
The Bank of Japan (BoJ) published preliminary figures for its Services Producer Price Index (SPPI) at 8:50 a.m. Tokyo time on 27 October 2026.
- All items: the index stood at 115.5 (2020 = 100), up 3.7% year on year after a revised 3.5% in August, and up 0.3% from the previous month.
- Excluding international transportation: up 2.9% year on year, the same pace as in August.
- Transportation and postal activities: up 8.4% year on year, from 6.8%. This group contributed 1.36 percentage points of the 3.7% headline rate, according to the BoJ.
- Ocean freight transportation: up 97.7% year on year, from 74.6% in August. International air freight rose 33.5%.
- Hotels: up 9.7%, from 1.6% in August.
- Advertising services: down 5.2%, with television and radio advertising down 11.7%.
Nikkei reported that prices rose for 116 of the 146 items surveyed, fell for 13 and were unchanged for 17. Yomiuri Shimbun reported that the ocean-freight increase was the largest since comparable data began in 1986. Both newspapers linked the rise in transport costs to high oil prices amid the conflict in the Middle East.
Background
The SPPI tracks prices in business-to-business service deals, such as freight, leasing, IT services and advertising. Together with the BoJ's goods price index, it is one of the measures used to follow how cost pressures move through the economy.
The BoJ data show annual SPPI inflation has stayed between 3.2% and 3.7% every month since March 2026.
Why it matters for markets and crypto
Business-to-business service prices can feed into consumer prices over time, so they are one of the inputs economists use when discussing the BoJ's policy outlook. These data relate to the wider economy. The SPPI does not cover crypto-assets, and this article draws no link to them.
What to watch next
- 29–30 October 2026: BoJ Monetary Policy Meeting, with the Statement on Monetary Policy and the October Outlook Report due on 30 October, according to the BoJ's release schedule.
- 12 November 2026, 8:50 a.m. Tokyo time: Corporate Goods Price Index for October, according to the same schedule.
Sources
- Bank of Japan, "Monthly Report on the Services Producer Price Index (Preliminary Figures for September 2026)", 27 October 2026
- Nikkei, report on September services producer prices (in Japanese), 27 October 2026
- Yomiuri Shimbun, report on September services producer prices (in Japanese), 27 October 2026
- Bank of Japan, Release Schedule (accessed 27 October 2026)
Disclaimer: Xorchain Economy news is provided for general information only. It is not financial, investment, legal or tax advice, and it is not an offer or recommendation to buy, sell or hold any asset. Articles are written in our own words from official and other public sources, which are credited and linked at the end of each article. Short quotes are attributed to their authors. Articles are prepared with AI assistance and reviewed by the editor before publication. Figures may be revised by the source, and the original publication prevails. Xorchain is an early-stage project, has no token for sale, and has no affiliation with the institutions mentioned unless stated. Do your own research and consult a qualified adviser before making financial decisions.
Conflict of interest: xorchain.io is an early-stage blockchain project; the author has an interest in it. This is not investment advice.