Wholesale prices increased 3.4 percent in August from a year earlier, matching the 25-year high seen in July, as higher crude oil prices pushed up the price of petroleum products and chemicals, the Bank of Japan said Tuesday.
The prices, gauged by the BOJ’s corporate goods price index, stood at 101.5 against the base of 100 for 2000, according to a BOJ preliminary report.
The CGPI increased for the 30th straight month. Month on month, wholesale prices gained 0.2 percent from July.
The report said prices for petroleum and coal products surged 18.2 percent in August from a year earlier, while nonferrous metals soared 54.0 percent, on the back of higher prices in overseas markets.
Reflecting price rises for naphtha and firm demand in China, prices for chemical products rose 5.0 percent, a BOJ official said.
Prices of plastic products gained 3.7 percent and those of iron and steel rose 1.5 percent.
The high prices for raw materials have also begun to lift prices of other products.
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