Japan's Corporate Goods Price Index Hits Record High in March

Apr 10, 2024 | News On Japan

TOKYO - The Corporate Goods Price Index, which reflects the prices of goods traded between companies, reached an all-time high in both March and the fiscal year of 2023.

The Bank of Japan announced that the Corporate Goods Price Index for March hit 120.7, marking the highest since records became comparable in 1980.

Compared to the same month in the previous year, the index rose by 0.8%, marking 37 consecutive months of increase.

The largest contribution came from food and beverages, where the trend of passing on the increased costs of raw materials and packaging to prices continued.

Prices were also driven up by sectors like the automobile industry, which is facing ongoing rises in steel prices and logistics costs.

Additionally, the index for the fiscal year of 2023 was 119.9, setting another record high.

However, the growth rate of 2.3% represents a significant decrease compared to the previous fiscal year.

Source: ANN

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