Japan's corporate goods price index rose 2.3% y/y in January, easing from 2.4% in December, while import prices increased for a second straight month, Bank of Japan data showed Thursday.
The annual CGPI gain was driven lower by beverages and food (+4.7% vs. +4.8%) and petroleum and coal products (-12.9% vs. -8.3%), but partly offset by stronger nonferrous metals (+33.0% vs. +22.2%).
The index rose 0.2% m/m, marking a fifth consecutive increase after a revised 0.1% rise in December.
On a yen basis, import prices rose 0.5% y/y in January, following 0.2% in December, reflecting upward pressure from yen weakness and reinforcing BOJ vigilance over upside price risks.
Some board members expressed concern about yen-driven inflation risks and signalled the possibility of an earlier rate hike.
