The pace of gains in Japan’s producer prices decelerated more than expected in September, falling below the latest consumer inflation reading for the first time since early 2021, supporting the central bank’s view that import-driven price pressure is moderating.

The measure of input prices for Japanese firms rose 2% from a year earlier, the slowest reading since March 2021, the Bank of Japan reported Thursday. The data compared with economists’ expectations of a 2.4% gain. From the prior month, prices fell 0.3%, versus the consensus for a 0.1% gain.

The year-on-year result was weaker than the 3.1% August gain in the bank’s benchmark gauge for consumer prices. The last time inflation for materials was slower than consumer inflation was in February 2021. The September reading for consumer prices is due on Oct. 20.

The report showed an ongoing drop in imported materials, especially in wood and energy. That’s in line with the BOJ’s view that cost pressure for producers is cooling, and consumer inflation is in the process of peaking. But a recent slide in the yen could boost the costs of imports, reigniting inflationary pressure.

The BOJ is set to meet later this month, with analysts largely expecting it to raise its inflation forecasts as inflation remains sticky.

(A previous version corrected the headline)