RTTNews reports that Japan's services producer prices increased at a faster pace in June, data from the Bank of Japan showed Tuesday.

The services producer price index grew 0.8 percent on a yearly basis, following May's 0.5 percent increase. The inflation rate accelerated for the first time in five months.

Month-on-month, the services PPI climbed 0.2 percent, in contrast to a 0.6 percent drop in May.

Excluding international transportation, services prices logged an annual growth of 0.9 percent versus 0.6 percent increase a month ago. On a monthly basis, prices were up 0.2 percent after falling 0.5 percent in May.