MNI BRIEF: Japan Sept CGPI Quickens to 9.7% Y/Y, Up From 9.4%

The year-on-year rise in Japan's corporate goods price index accelerated to 9.7% in September compared to 9.4% in August, underlining the solid pass-through of high costs predicted by Bank of Japan officials, data released by the BOJ on Thursday showed

It was the 19th consecutive y/y rise in September, driven mainly by higher prices for beverage and foods ( up 6.4% in Sept compared to 6.2% in Aug) and for plastic products (up 9.2% compared to 8.2%), although prices for petroleum and coal products slowed.

The CGPI rose 0.7% m/m in September for the fourth straight rise, accelerating from 0.4% in August.

The October CGPI is expected to be pushed up by high costs and corporate price revisions, which occur every April and October in Japan.

BOJ officials are monitoring the acceleration in inflation, with special attention to be paid to the release of October Tokyo core CPI on Oct 28. The data may prompt policymakers to revise their inflation forecasts. (See MNI: BOJ Worried About Surge In Oct Tokyo CPI, Hit To Spending)