Japan’s annual wholesale prices rose at a faster-than-expected pace in December, data showed on Monday, adding to recent growing signs of inflationary pressure that could force the central bank to raise interest rates soon.
January 16, 2023 | 3:39 pmTOKYO —
While global commodity prices slipped, companies continued to pass on past increases in raw material costs for goods such as auto parts and electricity equipment, said a BoJ official briefing reporters on the data. “While inflationary pressure from imports is easing, firms are still passing on rising input costs at home,” said Takeshi Minami, chief economist at Norinchukin Research Institute.
For 2022, wholesale prices rose 9.7% on average from the previous year, hitting a record high since comparable data became available in 1981. It was much higher than a 4.6% gain in 2021.
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