Japan Producer Prices Up 2.7 Pct in Oct.

Tokyo, Nov. 13 (Jiji Press)–Japan’s producer prices in October rose 2.7 pct from a year earlier, reflecting higher prices for food and copper, the Bank of Japan said Thursday. The producer price index, which measures the cost of goods traded between businesses, stood at 127.5 against the 2020 base of 100, rising for the 56th consecutive month. Of the 515 items surveyed, prices for 366 rose and those for 125 fell. Prices of agricultural, forestry and fishery products jumped 31.4 pct as rice prices remained elevated due to increased advance payments from agricultural cooperatives to farmers. The growth rate was slightly lower than September’s 31.9 pct. The poor catch of autumn salmon pushed up prices of salted and dried seafood products such as salmon roe. Food and beverage prices climbed 4.8 pct, matching the previous month’s growth rate, as businesses passed on higher materials and labor costs to customers. Prices of nonferrous metals rose 11.8 pct due to soaring copper prices. Electricity, city gas and water costs fell 0.5 pct. The import price index declined 1.5 pct in yen terms and 2.5 pct on a contract currency basis. END [Copyright The Jiji Press, Ltd.]