Japan producer prices up 3.6% in April

Jiji PressTokyo (Jiji Press)—Producer prices in Japan in April grew 3.6% from a year before, up for the second consecutive month, the Bank of Japan said Monday.

The growth came after producer prices fell sharply in April last year due to the impact of the COVID-19 outbreak.

The producer price index in the latest reporting month stood at 103 against 100 for the base year of 2015, according to the central bank.

By product, prices of petroleum and coal products jumped 39.3%. Prices of nonferrous metals and those of chemical products increased 35.2% and 7.3%, respectively.

These increases stemmed from higher international commodity prices that reflected demand recovery overseas.

“The outlook of international commodity prices is highly uncertain,” a BOJ official said, citing unpredictable impacts from the rapid spread of the coronavirus in India and the progress of COVID-19 vaccinations in the United States and Europe.

The BOJ will pay close attention to how producer prices in Japan will be influenced by the movements of international commodity prices and domestic demand, the official added.

https://the-japan-news.com/news/article/0007405974

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