Japanese Producer Price Growth Hits 13-Year High

Source: Bank of Japan

Japanese producer prices grew for the seventh straight month to reach a 13-year high in August, as commodity prices continued to surge. EWJ is up 0.72% premarket.

• Producer prices climbed by 6.3%, following the 5.8% in both June and July. The latest reading is the highest since September 2008.
• Costs of chemicals, petroleum and coal products, iron and steel, and metal products, and electronic components accelerated faster than the previous month.
• Increases were also recorded in beverages and foods, and non-ferrous metals, while production machinery and other manufacturing industries were flat.
• Rebounds were recorded in the cost of electric machinery and general machinery.
• Declines were recorded in transportation equipment and information.
• Month-on-month producer prices were up 0.3% following the 0.1% climb in July.