Japan Producer Prices Rise 2.7 Pct in Nov.

Tokyo, Dec. 10 (Jiji Press)–Japan’s producer price index rose 2.7 pct from a year before in November, up for four years and nine months in a row, pushed up by higher prices of food and agricultural products and rises in nonferrous metal markets, Bank of Japan data showed Wednesday. The index, which measures the cost of goods traded between businesses, stood at 128.0 against the 2020 base of 100. Of the 515 items surveyed, 366 saw price increases while 121 recorded falls. By category, prices of agricultural, forestry and fishery products jumped 30.1 pct, still slower than the 31.1 pct rise in October. Agricultural cooperatives raised their advance payments to rice farmers, while egg prices climbed amid avian influenza outbreaks. Food and beverage prices increased 4.9 pct, the same pace as in October. The BOJ said that it will closely monitor the effects of government measures against rising prices. Meanwhile, steel prices dropped 6.8 pct, due to overproduction in China, after falling 7.1 pct the previous month. The import price index declined 1.8 pct in yen terms and 2.7 pct on a contract currency basis. END [Copyright The Jiji Press, Ltd.]