Wholesale inflation accelerated in June as oil and other commodity prices rose, prompting food and packaging companies to pass on costs to clients, the Bank of Japan said Wednesday.
An index of prices that companies pay for energy and raw materials climbed 2.3 percent from a year earlier after gaining 2.2 percent in May, according to the BOJ.
Companies are gradually raising prices to reflect higher costs as the economy expands. The trend may help reverse declines in consumer prices, supporting the BOJ's view that inflation will take hold.