TOKYO, Dec. 11 (Xinhua) — Japan’s Corporate Goods Price Index (CGPI) noticed a year-on-year rise final month over greater costs for commodities equivalent to rice and aluminum, preliminary knowledge by the Bank of Japan (BOJ) confirmed on Wednesday.
The index measuring producer costs, primarily based on 2020 as the bottom yr (100), reached 124.3 in November, rising 3.7 p.c yr on yr and marking a slight enlargement from October’s 3.6-percent development.
The BOJ attributed the rise to the influence of upper prices, together with fertilizer and transportation bills, which led to an increase in rice costs. Additionally, market tendencies pushed up costs for metals like aluminum and copper.
On the opposite hand, the import worth index in yen phrases fell by 1.2 p.c yr on yr, marking the third consecutive month of decline, primarily as a result of drop in crude oil costs.
The BOJ is intently monitoring worldwide commodity market tendencies, significantly amid heightened tensions within the Middle East, in addition to how smaller corporations adapt to rising transportation and labor prices by means of worth changes.
The CGPI displays worth tendencies for items traded between firms and, together with the Corporate Services Price Index, can influence the Consumer Price Index (CPI) sooner or later.
Japan’s inflation charge has remained at or above the two p.c goal of the BOJ since April 2022, earlier knowledge confirmed.