Services Producer Price Index rises 3.3 percent in May

The Services Producer Price Index (SPPI) for all items reached 114.7 in May 2026, marking a 3.3 percent increase compared to the same month last year.

This figure remained consistent with the revised April reading.

The index excluding international transportation also saw a notable rise, climbing 3.0 percent year-on-year to 114.0. Key contributors to the yearly change in May included transportation and postal activities (1.11 percentage points), information and communications (0.90 percentage points), and real estate services (0.56 percentage points).

These figures highlight persistent upward price pressures across various service sectors in Japan.

Within the transportation and postal activities sector, ocean freight transportation recorded a substantial yearly change of 61.8 percent, while international air passenger transportation surged by 17.3 percent.

Road freight transportation also increased by 3.8 percent.

Advertising services saw a 1.9 percent yearly change, with internet, newspaper, magazine, and other advertising services rising 3.6 percent.

Finance and insurance services increased by 0.7 percent, primarily driven by property and casualty insurance services, which rose 2.9 percent.

These detailed movements underscore the varied dynamics contributing to the overall services inflation picture.