The Bank of Japan published preliminary March 2026 Services Producer Price Index (SPPI) data, showing service producer prices up 3.1% from a year earlier. The all-items SPPI (CY2020=100) rose 1.2% from February to 113.5, while the index excluding international transportation increased 2.8% year on year and 1.0% month on month to 112.9. In the March breakdown, transportation and postal activities rose 4.5% year on year, including a 42.1% rise in ocean freight transportation and a 4.2% increase in domestic air passenger transportation. Other services increased 3.4%, with hotels up 10.5% and civil engineering and architectural services up 5.2%; advertising services rose 3.1%, information and communications 2.3%, and leasing and rental 2.8%. Reference aggregates showed international transportation up 34.9% year on year, while services with high labor cost ratio rose 3.0% and those with low labor cost ratio 3.1%; an appendix reported preliminary fiscal year 2025 SPPI figures with the all-items index up 2.9% year on year (excluding international transportation also up 2.9%). The next monthly SPPI report is scheduled for release on May 27, 2026.
Bank of Japan 2026-04-24
Bank of Japan releases March 2026 Services Producer Price Index showing 3.1% annual rise
The Bank of Japan’s preliminary March 2026 Services Producer Price Index showed service producer prices up 3.1% year on year, with the all-items index rising 1.2% month on month to 113.5 and the index excluding international transportation up 2.8% year on year. Price gains were driven by transportation and postal activities, notably a 42.1% rise in ocean freight transportation, and higher prices in hotels, civil engineering and architectural services, advertising, information and communications, and leasing and rental. Preliminary fiscal 2025 figures showed both the all-items index and the index excluding international transportation up 2.9% year on year.