Wholesale prices in Japan jumped 9.2% in June from a year earlier after import prices surged at the fastest pace on record due to the sharp drop in the yen, Bank of Japan data showed Tuesday.
Japan has seen the prices of goods traded between companies rise by 9% or more for the past six months, providing evidence that inflationary pressures are persisting as Russia's war in Ukraine sends energy, raw material and food prices sharply higher.
Wholesale prices marked the 16th straight month of year-on-year growth. The yen's recent depreciation against the U.S. dollar to levels unseen in about two decades also inflated import prices to the detriment of resource-poor Japan.