TOKYO, July 27 (Reuters) – Japan’s services producer price index rose 3.2% in June from a year earlier, central bank data showed on Monday, a sign of broadening inflationary pressure that will keep alive market expectations for further interest rate hikes.
The annual rise in the index, which tracks the price companies charge each other for services, followed a revised 3.4% gain in May.
The increase was driven by continued gains in transportation costs, which rose 5.3% in June from a year earlier, as rising fuel prices and supply disruptions from the Middle East conflict kept ocean and air freight charges elevated, the data showed.
(Reporting by Leika KiharaEditing by Shri Navaratnam)
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