Corporate Services Price Index (September)
Overview
In the September 2026 preliminary release published by the Bank of Japan’s Research and Statistics Department, the Corporate Services Price Index (all items, 2020 average = 100) stood at 115.5, up 3.7% year on year and 0.3% month on month. The all-items index excluding international transportation was 114.4, up 2.9% year on year and 0.2% month on month. The all-items year-on-year rate rose from 3.5% in August, a month-on-month change of 0.2 percentage points. Contributions to the year-on-year rate were positive for transportation and postal services, miscellaneous services, and leasing and rental, among others, while advertising contributed negatively. Transportation and postal services made a positive contribution to the month-on-month change in the year-on-year rate; advertising and civil engineering and building services contributed negatively.
Key points
- The all-items year-on-year rate was 3.7%, up 0.2 percentage points from 3.5% in August.
- The year-on-year rate for all items excluding international transportation was 2.9%.
- The all-items index was 115.5, up 0.3% month on month.
- The next release is scheduled for Wednesday, November 25.
Overview
The Bank of Japan’s Research and Statistics Department published the “Corporate Services Price Index (September 2026 preliminary release).” The index uses the 2020 average as 100.
The all-items index was 115.5, up from 115.2 in August. The all-items index excluding international transportation was 114.4, up from 114.2 in August.
The all-items year-on-year rate rose from 3.5% in August to 3.7% in September. The year-on-year rate for all items excluding international transportation was 2.9% in both August and September. The all-items month-on-month rate increased from 0.1% in August to 0.3% in September.
Impact
Contributions to the September all-items year-on-year rate of 3.7% were 1.36 percentage points from transportation and postal services, 1.06 percentage points from miscellaneous services, 0.68 percentage points from leasing and rental, 0.54 percentage points from information and communications, 0.19 percentage points from real estate, and 0.07 percentage points from finance and insurance. Advertising contributed minus 0.23 percentage points.
The main positive contribution to the month-on-month change in the all-items year-on-year rate was 0.25 percentage points from transportation and postal services, including 0.20 percentage points from ocean freight. The main negative contributions were minus 0.19 percentage points from advertising and minus 0.05 percentage points from civil engineering and building services.
Details
The five items excluded from the “excluding international transportation” series are international air passenger transport, ocean freight (excluding ocean-going tankers), ocean-going tankers, international air freight, and international postal services. The materials use “r” to indicate revised values.
The main positive contributions to the month-on-month change in the year-on-year rate included 0.02 percentage points from road freight, 0.02 percentage points from travel services, 0.01 percentage points from domestic air passenger transport, 0.08 percentage points from accommodation services, and 0.04 percentage points from leasing and rental. The leasing and rental contribution comprised 0.03 percentage points from leasing and 0.01 percentage points from rental.
September year-on-year rates for major items were 97.7% for ocean freight, 4.6% for road freight, 4.9% for travel services, 7.9% for domestic air passenger transport, 9.7% for accommodation services, 17.1% for leasing, and 1.7% for rental. For advertising, internet, newspaper, magazine, and other advertising was minus 1.0%, while television and radio advertising was minus 5.2%.