Oct wholesale prices rise 3.4 yryr vs forecast 3.0
Rise driven by higher cost of food, nonferrous metal, oil
Data underscores persistent cost pressure due partly to weak yen

TOKYO, Nov 13 Reuters Japan39;s wholesale inflation accelerated in October at the fastest annual pace in more than a year as renewed yen falls pushed up import costs for some goods, complicating the central bank39;s decision on how soon to raise interest rates.

The corporate goods price index CGPI, which measures the price that companies charge each other for goods and services, rose 3.4 in October from a year earlier, Bank of Japan data showed on Wednesday, above market forecasts for a 3.0 gain.

It followed a 3.1 increase in September and marked the fastest yearonyear increase since August 2023.

A spike in the price of rice, coupled with the increasing cost of nonferrous metals, food and oil, pushed up overall wholesale inflation, the data showed, a sign companies remained under pressure from rising raw material costs.

The yenbased import price index fell 2.2 yearonyear last month, less than the 2.5 drop in September, the data showed. On a monthonmonth basis, the index rose 3.0 after falling 2.8 in September, a sign the dollar39;s 4.3 rise against the yen during the month kept import costs high for many firms.

Inflationary pressure remains sticky for wholesale goods prices, said Takeshi Minami, chief economist at Norinchukin Research Institute.

While consumption lacks momentum, wage hikes…