P.M. BRIEFING : Japan Wholesale Prices Up 3.5%
Higher crude oil prices and the introduction of a new consumption tax pushed Japan’s wholesale prices for fiscal 1989 up 3.5%, the first hike in five years, the Bank of Japan said today.
Wholesale prices for fiscal 1989, which ended March 31, rose 3.5%, the first rise since 1984 when prices were up 2.8%, the Bank of Japan said.
March wholesale prices climbed 3.9% over a year ago and 0.7% from February under pressure of the recent yen’s weakness, the central bank said.
The wholesale price index for March was 90.4, compared with a base of 100 in 1985.
Prices of export goods climbed 7.4% over a year ago while that for import goods posted a 14.0% hike.
Prices of domestically produced goods were also up 2.5% over a year ago.
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