Prices for Japan’s corporate goods continued to rise at an elevated pace in July, keeping high cost pressure on companies. Central bank officials continue to consider whether to proceed with additional interest rate hikes to contain inflation.

The measure of input prices for Japanese firms rose 7.2% in July from a year earlier. This rate is slightly slower than the revised 7.3% in June, which was the highest level recorded since March 2023, the Bank of Japan reported Thursday.

On a monthly basis, prices climbed 0.1% after an upward revision to 0.5% in the previous month’s result. These persistent gains in producer prices remain a critical factor as officials weigh future monetary policy shifts.