Corporate Service Price Index (CSPI) in Japan

The Corporate Service Price Index (CSPI), also called the Services Producer Price Index (SPPI), measures the change in prices Japanese firms charge one another for services such as transport, property rental, advertising, financial services, IT and professional services. It is the services counterpart to the goods producer price index (CGPI) and is published by the Bank of Japan.

The Bank of Japan compiles an index based on CY2020=100 from the prices of a basket of business-to-business services, reporting year-on-year and month-on-month changes. Figures for month M are released as preliminary in the third or fourth week of M+1 and revised the following month.

It is a key gauge of inflationary pressure in services, complementing the CPI, and of particular interest to the Bank of Japan because service prices better reflect domestic inflation and wage costs. A hot reading points to stickier inflation and reinforces a hawkish tilt.

It is subject to revisions between the preliminary and final figures and to periodic rebasing. As it captures business-to-business prices, it does not map directly onto the inflation households face, and some components are volatile.