MNI BRIEF: Japan Sep CGPI Rise Slows to 2.0% Vs. Aug 3.3%

The y/y rise in Japan's corporate goods price index slowed to 2.0% in September from August's revised 3.3% for the ninth straight deceleration, indicating that pass-through of cost increases continued but at a slower pace, data released by the Bank of Japan showed Thursday.

Pass-through of cost increases downstream continued, slowing the pace of the consumer price index's fall, while the number of Bank of Japan board members who expect upside risks to prices increased.

Solid private consumption drove the pass-through of cost increases, which boosted corporate profits. The CGPI fell 0.3% from the previous month, for the first drop in three months, weighed down by lower petroleum and coal-product prices.

The September import price index fell 14.0% on a yen basis, for the sixth straight drop following August’s revised 11.4% fall, illustrating that upward pressure from import prices continues to weaken.