— Adds Official Comments at Bottom
— Japan Aug CGPI +2.6% Y/Y Vs July +2.9%
— Japan Aug CGPI MNI Poll Median Forecast: +2.7% Y/Y
— Japan Aug CGPI Posts 11th Straight Y/Y Rise
TOKYO (MNI) – Japan’s corporate goods price index rose 2.6% from a
year earlier in August, marking the 11th consecutive y/y rise but
decelerating from +2.9% in July on smaller gains in energy and commodity
prices, data released by the Bank of Japan on Monday showed.
The July CGPI increase came in below the median forecast for a 2.7%
rise in a Market News International survey of economists.
The CGPI has recovered steadily from the record 8.5% drop marked in
August and July 2009, which were the largest year-on-year declines since
the BOJ began compiling the data in 1960.
From the previous month, CGPI fell 0.2% in August, marking the
first m/m drop in three month after rising a revised 0.3% in July.
The price drop was led by gasoline, nonferrous metals and mobile
phones, largely reflecting slower y/y gains in commodities prices in
international markets.
But the BOJ doesn’t expect CGPI to continue falling as much as
-0.2% m/m in coming month, a BOJ official told reporters.
The number of items whose prices rose from a year earlier totaled
394 in August, or 46.1% of the basket, unchanged from July, while the
number of items whose prices fell came to 300, or 35.1%, little changed
from 302, or 35.3%, in July, he said.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
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