MNI BRIEF: Japan Jan CGPI Rises 4.2% Y/Y, Higher Import Prices
MNI (TOKYO) - Japan's corporate goods price index rose 4.2% y/y in January, accelerating from December’s 3.9%, while import prices on a yen basis rose 2.3%, their second straight rise and up from December's 1.4%, data released by the Bank of Japan showed on Thursday.
The January index was the highest level since June 2023 when it rose 4.5%, boosted by higher agriculture, forestry and fishery products (+36.2% vs. +32.9%), and beverages and foods (+2.9% vs. +2.2%).
The CGPI rose 0.3% m/m in January after rising 0.4% in December.
The number of retail price hikes in January fell from a year earlier, despite firms continuing to transfer higher costs to retail prices.
BOJ officials are focused on how the import price evolves and impacts retail prices. (See MNI: BOJ Vigilant Against Price Upside Risks, More Hikes Ahead)