Tokyo, June 24 (Jiji Press)–Ocean freight transportation fees soared to hit a record high for the third straight month in May, the Bank of Japan’s services producer price data showed Wednesday. The index on the sector rose 61.8 pct year on year to 241.3 in the latest reporting month, against the 2020 base of 100, according to the preliminary central bank data. The surge came partly because tanker fees rocketed due to a spike in fuel prices reflecting Middle East tensions. The overall services producer price index, which shows changes in the prices of services traded between companies, rose 3.3 pct to 114.7. Of the 146 items covered by the data, 117 saw price rises while only 11 posted declines. Progress has been made in talks between the United States and Iran to end their conflict. But a BOJ official said, “Uncertainty remains high,” indicating that the central bank will continue closely watching developments in the ocean freight and global commodity markets. END [Copyright The Jiji Press, Ltd.]
Ocean Freight Fees Hit Record High for 3 Months in Row: BOJ
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