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Japan's wholesale costs climb 9 pct in August

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TOKYO, Sept. 13 (Xinhua) — Japan’s wholesale costs jumped 9 p.c in August from the earlier yr as commodity prices continued to rise and the yen’s fast decline lifted import prices, Bank of Japan information confirmed Tuesday.

The company items value index, which measures prices of products and companies traded between companies, stood at a report excessive of 115.1 in opposition to the 2020 base of 100, marking the 18th straight month of improve, based on a preliminary report launched by the Bank of Japan.

As Japan continues to really feel the affect of rising world uncooked materials costs, electrical energy, metropolis fuel and water costs soared 33.4 p.c, metal costs rose 26.1 p.c, costs for lumber and wooden merchandise climbed 20.2 p.c and people for oil and coal merchandise elevated 15.6 p.c.

The meals and beverage value index went up 5.6 p.c to a report excessive of 108.2.

Of the 515 items surveyed by the Bank of Japan, 431, or over 80 p.c, noticed costs rise as corporations have been more and more passing on rising uncooked materials prices to their shoppers, the central financial institution mentioned.

Meanwhile, the Japanese foreign money hit a contemporary 24-year low in opposition to the dollar final week. The weak yen has boosted the prices of importing uncooked materials items, whose costs have been on the rise, weighing on company income and forcing a rising variety of corporations to extend costs.

The yen-based import value index grew 42.5 p.c in August from a yr earlier, the fifth consecutive month that the margin of improve has surpassed 40 p.c, with almost half of the rise attributable to the yen’s fall, the report confirmed.

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