Japan’s corporate goods price index rises in October

TOKYO, Nov. 13 (Xinhua) — Japan’s Corporate Goods Price Index (CGPI) saw a year-on-year rise last month over price growth of agricultural products, preliminary data by the Bank of Japan (BOJ) showed on Wednesday.
The index reached 123.7 in October, rising 3.4 percent year on year, exceeding the median market forecast of a 3.0-percent increase.
The overall rise was mainly driven by growth in prices of agricultural products, particularly polished and unpolished rice. In Japan, many price adjustments occur in October when businesses pass on higher labor and other costs in their pricing.
The CGPI reflects price trends for goods traded between companies and, along with the Corporate Services Price Index, can impact the Consumer Price Index (CPI) in the future.
Japan’s inflation rate has remained at or above the 2 percent target of the BOJ since April 2022, earlier data showed. ■