Japan producer prices rise 2.9 pct in June-Xinhua

Japan producer prices rise 2.9 pct in June

Source: Xinhua| 2024-07-10 19:40:18|Editor: huaxia

TOKYO, July 10 (Xinhua) -- Producer prices in Japan rose 2.9 percent in June from a year earlier, marking a record high for the seventh straight month, buoyed by a weaker yen and reduced energy subsidies, central bank data showed Wednesday.

The producer price index, which measures the prices companies charge each other for goods and services, increased for the 40th month in a row to reach 122.7 against the 2020 base of 100, the Bank of Japan (BOJ) said in a preliminary report.

The index was lifted by higher prices of raw materials and resources reflecting the yen's depreciation, as well as a reduction in government subsidies designed to cushion the impact of higher electricity and gas prices, according to the BOJ.

In June, producer prices grew for 389 of the 515 items surveyed and fell for 110.

By category, prices for nonferrous metals jumped 19.4 percent, led by copper and aluminum, while those for food and beverages increased 2.8 percent as higher costs for wrapping materials and fuels were passed on to product prices.