TOKYO (Reuters) -Japan’s yen-based import prices surged at a record pace in June, data showed on Tuesday, keeping wholesale inflation elevated as the currency’s sharp slump continued to weigh on a fragile economic recovery by boosting commodity costs.
The data highlights the challenge Prime Minister Fumio Kishida faces in cushioning the economic blow from rising living costs, which are emerging as a policy priority after his victory in Sunday’s upper house election.
The corporate goods price index (CGPI), which measures the price of goods companies charge eachother, rose 9.2% in June from a year earlier, marking the 16th consecutive month of increase, Bank of Japan data showed.
The increase, which exceeded a median market forecast for an 8.8% gain, slowed from a revised 9.3% rise in May and a record 9.9% rise marked in April.
The yen-based imported goods prices surged 46.3% in June from a year earlier, marking the fastest gain on record, in a sign the currency’s slump was inflating already rising raw material import costs.
Source: Economy - investing.com
