Financial News: Japan Producer Price Inflation Rises To 11-Month High

Japan Producer Price Inflation Rises To 11-Month High

08/13/2024 - 02:38:00 (RTTNews)

(RTTNews) - Japan's producer price inflation accelerated slightly in July to the highest level in nearly a year, the Bank of Japan said on Tuesday.

The producer price index climbed 3.0 percent year-over-year in July, following a 2.9 percent rise in June. That was in line with expectations.

Further, this was the highest rate since August last year, when prices had risen 3.4 percent.

Prices for nonferrous metals grew sharply by 18.5 percent compared to last year, and those for electric power, gas, and water increased by 6.7 percent. The price index for agriculture, forestry, and fishery products rose by 4.0 percent.

On a monthly basis, producer prices moved up 0.3 percent in July after rising 0.2 percent in June. Prices have been rising since November of last year.

The index, excluding extra charges for summer electricity, rose 0.2 percent from the previous month.

The export price index remained flat in July, while import prices were 0.4 percent higher on a monthly comparison.

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