Japan's Aug wholesale inflation hits 9% as price rises broaden

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Japan's Aug wholesale inflation hits 9% as price rises broaden





Japan's wholesale prices rose 9.0 per cent in August from the previous year, matching the annual pace of growth in July, data showed on Tuesday, signalling that persistently high raw material costs continued to squeeze corporate margins.

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The rise in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, was largely in line with a median market forecast for a 8.9 per cent increase, Bank of Japan (BOJ) data showed.

The index, at 115.1, extended a record high for the fifth straight month in a sign Japan continues to feel the impact of rising global raw material prices.

While recent falls in crude oil and global commodity costs took some pressure off fuel and scrap metals prices, prices rose for a broad range of items that more directly affect retailers such as utility bills and electronic devices, the data showed.

Reflecting easing input pressure, however, wholesale prices rose just 0.2 per cent in August from the previous month, slower than a revised 0.7 per cent month-on-month increase marked in July.

The yen-based import price index rose 42.5 per cent in August from a year earlier, after a revised 49.1 per cent increase in July, the data showed.