Japan's Wholesale Prices Jumped 9% In August

Japan's wholesale prices jumped 9 percent in August from the previous year as commodity costs continued to rise and the yen's rapid decline lifted import costs, Bank of Japan data showed recently.

The corporate goods price index, which measures costs of goods and services traded between businesses, stood at a record high of 115.1 against the 2020 base of 100, marking the 18th straight month of increase, according to a preliminary report released by the Bank of Japan.

As Japan continues to feel the impact of rising global raw material prices, electricity, city gas and water prices soared 33.4 percent, steel prices rose 26.1 percent, prices for lumber and wood products climbed 20.2 percent and those for oil and coal products increased 15.6 percent.

Of the 515 goods surveyed by the Bank of Japan, 431, or over 80 percent, saw prices rise as companies have been increasingly passing on rising raw material costs to their clients, the central bank said.

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