Wholesale prices stretched their gains to a 17th consecutive month in February by rising 0.6 percent year on year amid climbing crude oil prices, the Bank of Japan said Monday.
For the next few months, a BOJ official said that moves in the international commodities market and the yen’s recent weakness are expected to help push up the corporate goods prices index.
Demand from growing reconstruction work in the northeast may also start to show up more clearly in the index in the near future, in the form of construction-related prices, the official said.
On a month-on-month basis, the index was up 0.2 percent from January.
By product, prices for electricity, gas and water surged 10.9 percent in February compared with a year earlier. Petroleum and coal product prices advanced 5.7 percent.
Meanwhile, prices of nonferrous metals dropped 8.5 percent and those of information and communications equipment, which are facing cutthroat price competition in Japan, lost 7.2 percent.