Japan’s all-commodities Producer Price Index rose 7.6% year on year in August 2026, according to preliminary data from the Bank of Japan. The reading was slightly below the revised 7.7% increase recorded previously, but it stood alongside a much faster 24.8% annual rise in all-commodities import prices on a yen basis.
The contrast puts imported costs at the sharper end of the August price data. The Bank of Japan’s Corporate Goods Price Index covers goods traded in Japan’s corporate sector and includes producer, export and import price indices.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Producer Price Index — All commodities, yearly change | 7.6% | r 7.7% | — | August 2026 | 2026-09-10 | Bank of Japan |
| Producer Price Index — All commodities, monthly change | -0.2% | r 0.4% | — | August 2026 | 2026-09-10 | Bank of Japan |
| Import Price Index — All commodities, yen basis, yearly change | 24.8% | r 29.3% | — | August 2026 | 2026-09-10 | Bank of Japan |
| Import Price Index — All commodities, contract currency basis, yearly change | 16.7% | r 17.8% | — | August 2026 | 2026-09-10 | Bank of Japan |
Producer prices rise 7.6% annually but fall 0.2% from July
The 7.6% year-on-year gain in the Producer Price Index measures the change from August 2025, while the index fell 0.2% from the preceding month. The monthly result followed a revised 0.4% increase previously.
Those readings describe different comparisons and should not be treated as interchangeable: the annual figure shows the level against the same month a year earlier, whereas the monthly figure tracks the move from July. Both figures were released as preliminary August 2026 data in the Bank’s monthly CGPI report on September 10, 2026.
The annual producer-price increase therefore remained substantial even as the all-commodities index declined on the month. The Bank’s release uses CY2020 as the CGPI index base year.
Yen-basis import prices outpace domestic producer-price inflation
All-commodities import prices on a yen basis increased 24.8% from a year earlier in August, compared with the 7.6% gain in the all-commodities Producer Price Index. The import-price reading eased from a revised 29.3% annual increase previously, but remained far above the domestic producer-price measure.
Within the CGPI framework, the Producer Price Index measures producer prices and the Import Price Index measures import prices. Because their scopes differ, the gap shows only that the Bank’s August release recorded a steeper annual change for the Import Price Index; it does not establish that every domestic producer faced the same cost increase.
For wholesale-price watchers, the 24.8% yen-basis rise is the standout comparison in the report. It shows that imported goods prices, when expressed in yen, were rising materially faster than the broader producer-price index in August.
Contract-currency imports rose 16.7%, below yen-basis gain
On a contract-currency basis, all-commodities import prices rose 16.7% year on year in August, down from a revised 17.8% increase previously. That was lower than the 24.8% increase on a yen basis.
The two import readings use different bases: the contract-currency measure tracks prices in the currency used in the transaction, while the yen-basis measure expresses import prices in yen. Their difference should therefore not be read as a comparison of two identical price measures.
Both annual import-price measures slowed from their revised prior readings in August. Even so, the yen-basis index’s 24.8% increase remained well above the 16.7% contract-currency result and the 7.6% annual rise in producer prices.
