Japan Producer Prices Rise 2.3 Pct in Jan.

Tokyo, Feb. 12 (Jiji Press)–Producer prices in Japan rose 2.3 pct in January from a year earlier due mainly to higher rice and copper prices, but the pace of increase slowed from a 2.4 pct gain in the previous month, the Bank of Japan said Thursday. The producer price index, which measures the costs of goods traded between companies, stood at 128.4 in January against the 2020 average of 100, rising for 59 consecutive months, the central bank said. The index covers 515 items. Of them, prices of 356 items went up while those of 132 declined. Prices of agricultural products jumped 22.4 pct due to higher prices for rice and salmon, though down from a 26.1 pct increase in December. Rice prices “have largely stabilized,” a BOJ official said. Prices of nonferrous metals leaped 33 pct after a 22.2 pct increase in the previous month, owing to soaring copper prices. Food and beverage prices grew 4.7 pct, compared with a 4.8 pct rise in December, after more makers passed higher costs on to customers. Prices of oil and coal products, including gasoline, fell 12.9 pct, a faster decline than an 8.3 drop in the previous month, because of lower crude oil prices. The import price index inched up 0.5 pct on a yen basis. It dipped 0.2 pct on a contract currency basis. END [Copyright The Jiji Press, Ltd.]