Japan – May services PPI

Headline services PPI inflation rose again in May to 1.8% YoY from 1.7% in April, another new high since at least the 1990s. The acceleration reflected the rise in international transport costs: higher prices for ocean and air freight inflation accounted for about 50% of the total services inflation in May.

Excluding that and "core" services PPI was unchanged in the month at 1.2% YoY. Inflation in financial services and advertising softened in May, while IT prices continued to fall month-on-month.