Japan's service prices rose 3.7 percent in August, with ocean freight up 74.2 percent

Three point seven percent. That is how much Japan's services producer price index rose over the year to August, the Bank of Japan reported Monday.

The annual rate was 3.6 percent in July. Prices rose 0.3 percent on the month, taking the all-items index to 115.4 on a 2020 base of 100.

Ocean freight was the outlier. Its prices rose 74.2 percent from a year earlier, up from 67.4 percent in July. International transportation as a group rose 63.6 percent.

Strip out international transportation and the annual rate was 3.2 percent, unchanged from the revised July reading. That measure rose 0.2 percent on the month.

The domestic lines were mixed. Leasing prices rose 21.1 percent over the year and employment services rose 6.1 percent. Software development slowed to 2.5 percent from 3.4 percent, while hotel-price growth fell to 1.6 percent from 6.3 percent.

The release reports prices, not causes.