TOKYO -- Producer prices in Japan rose 0.8 percent in October from a year earlier, marking the slowest pace of growth since the 0.9 percent drop in February 2021, the Bank of Japan (BOJ) reported Monday.

While the producer price index, which measures costs of goods traded between businesses, rose for 32 months in a row, the pace of increase decelerated for the 10th consecutive month, the central bank said in a preliminary report, supporting the BOJ's view that inflation is cooling.

Government subsidies aimed at curbing gasoline prices helped push down the index by about 1 percentage point, the BOJ said.

Producer prices climbed for 405 of the 515 items surveyed by the central bank, with food and beverages prices rising 4.9 percent amid higher raw materials and fuel costs.