Tokyo, May 27 (Jiji Press)–Ocean cargo shipping prices in Japan rose to another record in April as the war in Iran drove up fuel costs, the Bank of Japan said Wednesday. Crude tanker rates soared as the de facto closure of the Strait of Hormuz, a strategic artery for global energy shipments, heightened navigational risks. The index for ocean freight transportation costs surged 59.1 pct from a year earlier to 234.2 against the 2020 base of 100, hitting a record for the second straight month. The international air cargo price index jumped 40.6 pct. The overall services producer price index, which tracks the prices companies charge one another for services, rose 3 pct to 114.3. Of 146 categories surveyed, 116 posted gains while only 10 declined. The central bank “would continue monitoring shipping and international commodity prices closely,” a BOJ official said. END [Copyright The Jiji Press, Ltd.]
Japan’s Ocean Freight Price Index Hits Another Record
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