Japan’s producer prices rose 6.8% year-on-year in September 2026, slowing from August’s pace and market expectations of a 7.6% increase to mark the weakest growth since May. The moderation suggests easing upstream cost pressures, although producer inflation remained elevated. On a monthly basis, producer prices fell 0.3%, matching the revised decline in August and marking a second consecutive monthly contraction. The result also defied market expectations for a 0.5% increase.