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Int'l Air Freight Fees Hit Record High amid Ukraine Crisis: BOJ

Int'l Air Freight Fees Hit Record High amid Ukraine Crisis: BOJ

   Tokyo, May 26 (Jiji Press)--Prices of international air freight transport services soared to hit a record high in April due to the fallout of Russia's invasion of Ukraine, Bank of Japan data showed Thursday.
   The price index for the sector was up 64.3 pct year on year at 226.9, the highest level since statistics began in 1985.
   The surge came as the Ukraine crisis forced airlines to take measures such as reducing the number of flights and switching to routes bypassing Russia, with the change of routes leading to higher fuel costs.
   The overall services producer price index, which measures costs for services provided to corporate customers, stood at 106.7 in April against 100 for the base year of 2015, up 1.7 pct from a year before and rising for the 14th straight month, according to the data from the central bank.
   Ocean freight transportation service prices surged 50.1 pct, reflecting a spike in yen-denominated fees of transport by tanker due to the weakness of the Japanese currency. International air passenger transport service fees were up 17.1 pct.

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AFP-JIJI PRESS NEWS JOURNAL


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