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- Japan wholesale prices rise for first time in 13 months
Japan wholesale prices rise for first time in 13 months
Reuters reports that Bank of Japan (BOJ) data showed that Japanese wholesale prices marked their first annual increase in more than a year in March, a sign that rising commodities costs are pinching corporate margins, adding inflationary pressure to the world’s third-largest economy.
The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 1.0% in March from a year earlier. The jump, which was at the fastest pace since January 2020, exceeded a median market forecast for a 0.5% increase and followed a 0.6% fall in February.
Most of the gain was driven by a 29% spike in prices of non-ferrous metals goods and 9.8% rise in those for oil products and coal, showing how a rebound in global demand for commodities pushed up costs for Japanese firms.
Compared with a month ago, wholesale prices jumped 0.8% in March to mark the biggest gain since October 2019.
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