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Japan Producer Prices Hit Record High in May

Japan Producer Prices Hit Record High in May

   Tokyo, June 12 (Jiji Press)--Producer prices in Japan grew 2.4 pct from a year before in May to hit the highest level on record, mainly because materials and energy prices stayed high due to the yen's weakening, Bank of Japan data showed Wednesday.
   The producer price index, which measures the cost of goods traded between businesses, stood at 122.2 against 100 for the base year of 2020, marking a record high for the sixth straight month, according to the preliminary BOJ report. The index went up for 39 months in a row.
   Producer prices in May grew for 394 of the 515 items surveyed and fell for 103.
   By category, prices were up 20.7 pct for nonferrous metals, lifted by higher copper prices. Petroleum and coal product prices rose 6.8 pct, reflecting the yen's drop and higher crude oil prices.
   Electricity, city gas and water rates declined 7.4 pct chiefly because of fuel price falls in the past while the pace of decline slowed from 19.6 pct in April.

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AFP-JIJI PRESS NEWS JOURNAL


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