Bank of Japan reports January 2026 Services Producer Price Index up 2.6 percent year on year

The Bank of Japan published preliminary January 2026 results for its Services Producer Price Index (SPPI), showing services producer prices up 2.6 percent from a year earlier. The headline index fell 0.5 percent from December to 111.9 (CY2020=100), while the index excluding international transportation was also up 2.6 percent year on year and down 0.5 percent month on month to 111.6. Across major groups, year-on-year changes included Other services (+3.0 percent), Advertising services (+3.1 percent), Leasing and rental (+2.4 percent), Real estate services (+2.2 percent), Information and communications (+2.2 percent), Transportation and postal activities (+2.1 percent), and Finance and insurance (+1.0 percent). The unchanged headline annual rate reflected offsetting moves, including a slowdown in hotels (4.5 percent year on year from 10.9 percent in December) and civil engineering and architectural services (5.4 percent from 6.9 percent), alongside faster increases in internet, newspaper, magazine and other advertising services (2.3 percent from 0.7 percent) and software development (4.3 percent from 4.1 percent). As a reference, the report also included preliminary fourth-quarter 2025 indexes for wholesale trade and business enterprise research and development, with the combined index up 3.1 percent year on year and 1.1 percent quarter on quarter. The next monthly report is scheduled for release on Thursday, March 26, 2026.