Japan’s service prices rise for eighth straight month as freight cost spikes

japans service prices rise for eighth straight month as freight cost spikes

Sumary of Japan’s service prices rise for eighth straight month as freight cost spikes:

  • The prices Japanese companies charge each other for services rose 1.0% in October from a year earlier, their eighth straight month of gains and a sign inflationary pressure was building due to higher global commodity costs.
  • The services producer price index hit 105.4 in October, the highest since November 2001, Bank of Japan data showed on Thursday.
  • But the gain was far smaller than an 8.0% spike in wholesale goods inflation in October, suggesting slow wage growth will moderate any rise in consumer prices.
  • The key driver behind the October services price rise was transportation fees, as robust global demand for raw materials allowed shipping firms to pass on higher fuel costs to clients.
  • “Corporate services prices are recovering gradually, with some sectors showing demand picking up due to the lifting of curbs.

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