Japan's wholesale inflation under one percent for third month

Japanese wholesale price inflation for January came in little changed to mark the third straight month the figure has been under one percent.

The Bank of Japan says the preliminary Producer Price Index for the month rose 0.2 percent year-on-year.

The index measures the prices companies charge each other for goods and services and reflects fluctuations in energy and raw material costs.

Electricity, gas, and water prices fell more than 27 percent in the latest reading for January. However, the declines were mainly the result of government subsidies.

The pace of wholesale price inflation lost steam throughout most of last year since peaking at more than 10 percent in December 2022.