The pace of gains in Japan’s producer prices decelerated in November to the slowest in almost three years, supporting the Bank of Japan’s view that inflationary pressure is moderating.

Japan’s producer price index, a measure of input prices for firms, rose 0.3% from a year earlier, the weakest pace of growth since February 2021, when the index fell by 0.9%. November marked the 11th straight month in which the pace slowed. Economists forecast a 0.1% increase. From the prior month, prices rose 0.2%, matching the consensus estimate.