Japan's corporate goods price index annual rate of increase hits a new high in more than three years
Japan's corporate goods price index (CGPI) saw a significant year-over-year increase of 6.3% in May, reaching 134.5. This marks the highest inflation rate since March 2023 and surpasses market expectations. The rise is attributed to broad price hikes across 22 of 23 commodity categories, notably driven by surging oil and coal product prices (up 13.8%) due to Middle Eastern conflicts. Chemical product prices also climbed 13.4%, influenced by rising naphtha costs, while non-ferrous metals experienced a substantial 42.2% year-over-year increase. AI