Economy

Services Producer Prices Rise by 2.5%

Yomiuri Shimbun file photo
The cityscape of Tokyo

Jiji Press

12:20 JST, June 26, 2024

TOKYO (Jiji Press) — Japanese services producer prices rose 2.5% in May from a year before, slowing down from April when prices gained 2.7%, their steepest rise in over 32 years, the Bank of Japan said Tuesday.

The services producer price index, which measures the costs of services provided to corporate clients, came to 106.9 in May against the 2020 base of 100, the central bank said in a preliminary report. The index increased for the 39th consecutive month.

Prices went up for 109 of the 146 items surveyed, and fell for 20.

Prices for accommodation services climbed 12.9% thanks to an increase in the number of visitors to Japan. Road freight transportation fees rose 2.9%, reflecting higher labor and fuel costs.

International air freight transportation fees tumbled 17.4%.