Japan producer prices up 3.2%, pace of growth slows for 8th month

Producer price gains in Japan slowed for an eighth month in August as utilities costs fell.

The Bank of Japan says the preliminary Producer Price Index for August rose 3.2 percent year-on-year.
The figure peaked at 10.6 percent in December as prices companies paid for goods soared.

Prices increased on about 84 percent of the 515 items surveyed. The central bank says businesses are continuing to pass on the rising costs of foods and beverages, as well as paper and pulp.

But prices of electric power, gas and lumber fell in the period.

Rising global crude oil prices and the yen's weakness are contributing to higher costs for companies. On a month-on-month basis, August prices grew 0.3 percent in a second straight month of faster growth.