Tokyo, Aug. 26 (Jiji Press)–Ocean freight transportation service fees soared to hit a record high in July, reflecting higher costs stemming from a shift to routes other than the Strait of Hormuz amid Middle East tensions, Bank of Japan data showed Wednesday. The price index for the sector rose 67.4 pct year on year to 259.5 in the latest reporting month, against the 2020 base of 100, according to the preliminary services producer price data. The overall services producer price index, which shows changes in the prices of services traded between companies, was up 3.6 pct at 115.1. Of the 146 items surveyed, 118 posted price rises while 16 saw declines. International air passenger transportation service fees jumped 21.1 pct as fuel surcharges on airfares were raised. “Uncertainties remain high” over services producer prices, a BOJ official said, adding that the central bank will continue to closely monitor developments in the ocean freight service and global commodity markets, including the impact of the Middle East turmoil. END [Copyright The Jiji Press, Ltd.]
Ocean Cargo Fees Hit Record High amid Middle East Crisis: BOJ
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