Japan Services Producer Prices Post Sharpest Rise in 32 Yrs

   Tokyo, April 24 (Jiji Press)--Japanese services producer prices in fiscal 2023, which ended last month, climbed 2.1 pct from the previous year, the steepest rise since fiscal 1991 if the impacts of consumption tax hikes are excluded, the Bank of Japan said Wednesday.
   The services producer price index, which measures the cost of services provided to corporate clients, came to 109.7 against the 2015 base of 100, the central bank said in a preliminary report. In fiscal 1991, the index went up 2.8 pct.
   The fiscal 2023 result can be attributed to the resumption of economic activities after the COVID-19 crisis and efforts to pass on rising materials and personnel costs to services producer prices in accommodation, civil engineering, construction and many other sectors. In fiscal 2022, the index increased 1.8 pct.
   In March alone, the index climbed 2.3 pct from a year before to 111.0, up for the 37th straight month.

(2024/04/24-12:40)

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