Japan's wholesale inflation remains elevated, keeps alive BOJ
TOKYO: Japan’s wholesale prices rose 6.8 per cent in the year to September as companies passed on fuel and chemical costs, according to data released on Tuesday, highlighting mounting inflationary pressure that keeps alive market expectations of a near-term interest rate hike.
Japan's wholesale prices surged 6.8% in the year to September, driven by increased fuel and chemical costs, according to data released on Tuesday. This inflationary trend keeps alive expectations of a near-term interest rate hike by the Bank of Japan (BOJ). The corporate goods price index, which tracks the prices companies charge each other for goods and services, rose to 6.8% from the median market forecast of 7.6% increase.
This follows a 7.6% gain in August. Meanwhile, the yen-based import price index jumped 24.5% in September compared to a year earlier, indicating the yen's weakness is continuing to elevate the cost of raw material imports. The BOJ will consider these figures when it releases its quarterly growth and inflation forecasts during its policy meeting this month.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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