Japan's wholesale prices rose 2.1 percent in April from a year earlier, up for the fourth straight month due to higher oil prices, Bank of Japan data showed Monday.
Discounting the effect of a 3 percentage point consumption tax hike in April 2014, the pace of the increase was the sharpest since January 2014, when prices climbed 2.5 percent year on year, a BOJ official said.
The rise was led by higher prices of oil and coal, up 23.8 percent, and of steel, up 10.3 percent, while prices of electrical machinery and plastic products dropped 2.2 percent and 1.6 percent, respectively, the central bank said in a preliminary report.
In yen terms, import prices increased 10.9 percent, while export prices rose 3.0 percent, due to a rise in chemical and metal products.
The BOJ official said it was "necessary to keep an eye on the effect of geopolitical risks on currency movements," referring to situations in North Korea and the Middle East, which will heavily influence future import and export prices.
Wholesale prices tend to affect consumer prices. The central bank has been trying to achieve a 2 percent inflation goal by carrying out aggressive monetary easing measures since Gov. Haruhiko Kuroda took office in March 2013.
The core consumer price index, excluding volatile fresh food prices, rose 0.2 percent from a year earlier in March, still far from the bank's inflation target.