The prices that Japanese firms pay each other for goods rose for the 17th straight month in July, renewing record highs. Prices rose for over 80 percent of items, prompting firms to pass along higher costs to consumers.

The Bank of Japan on Wednesday released preliminary producer price index data.

The index for all commodities traded between companies stood at 114.5 compared with a base of 100 set in 2020. The index rose by 8.6 percent from a year earlier.

The prices of electricity, beverages and food items such as wheat, as well as iron and steel, all increased, as Russia's invasion of Ukraine played havoc on markets.

The weaker yen against the dollar also pushed up prices of imported goods.

The data showed price rises for 418 of 515 items.

However, prices of crude oil and other internationally traded commodities fell, as concerns mounted over a possible global economic slowdown.

The indexes for petroleum and coal products, as well as for nonferrous metals, dropped from the previous month.