The combined producer and import price index rose 0.2 percent on the month in June. This lifted the annual inflation rate by 0.3 percentage points to 3.5 percent, a new multi-year high.
The monthly advance was evenly split between domestic producer prices and import prices, both of which matched the headline gain. However, at 1.9 percent and 6.8 percent respectively, the gap between their annual rates remained wide.
The main boost to the headline monthly increase came from wood where prices were up 3.5 percent. Petrol (3.0 percent) was responsible for much of the rest. Most other major categories saw little change and metals (minus 0.3 percent) registered the only decline.
Core prices edged 0.1 percent firmer versus May which, in turn, raised their annual rate from 1.8 percent to 1.9 percent. However, without the impact of higher import costs, the yearly rate here would have been significantly weaker. Underlying domestically generated pipeline pressures on inflation remain soft.