Wholesale prices in Japan up 9.1% in October

Japanese wholesale prices rose 9.1% year-on-year in October, but slowed from the previous month’s record high. However, it remained at a high level as the continuing depreciation of the yen pushed up companies’ raw material import costs.

The Corporate Commodity Price Index (CGPI), which measures the prices companies charge each other for goods and services, rose 9.1% in October from a year earlier.

The increase was slower than the record 10.2% rise in September. However, it exceeded forecasts for an 8.8% increase and reached 117.5, the highest level in seven months.

The yen-based import price index rose 42.6% in October following a 48.5% increase in the previous month.

Rising fuel and commodity prices have weighed on the recovery of Japan’s weak economy. As more and more companies pass on the higher costs to households, demand remains low.

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