Japanese Wholesale Prices Rise 4.3% in July

Japan’s wholesale prices rose 4.3 percent in July from a year earlier largely due to higher energy costs and price increases in some food items, the Bank of Japan said Tuesday.

The result was almost in line with market forecasts. Corporate goods prices rose for the 16th straight month, with the index standing at 106.6 against the 2010 base of 100, the central bank said in a preliminary report.

Japanese prices have been affected by the April 1 consumption tax hike. Without its direct effect, the index rose 1.5 percent to 103.7.

The prices grew 0.3 percent from June as utilities increased electricity charges as usual in response to rising demand amid summer heat.

Petroleum and coal products prices gained 11.9 percent from a year before as higher crude oil prices led to price rises for gasoline and light oil.

Prices of food, beverage, tobacco and feedstuffs grew 3.0 percent. Rising raw materials costs affected products such as ham, cheese, sushi and boxed lunches, the BOJ said.

via Mainichi

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