MNI BRIEF: Japan's Nov CGPI Rises 9.3% Y/Y Vs. Rev 9.4% in Oct

The year-on-year rise in Japan's corporate goods price index slowed to 9.3% in November from October’s revised 9.4%, indicating that upstream cost increases seemed to have peaked out, data released by the Bank of Japan Monday showed.

While the index has slowed from a record high of 10.3% in September, the pass-through of cost increases in intermediate and downstream businesses continues as there is a time lag between when firms transfer high costs to retail prices, keeping upward pressure on consumer prices.

The CGPI rose 0.6% m/m in November, for the 11th straight rise and slowing from a revised increase of 0.8% in October. The November year-on-year rise, for the 21st straight rise, was due mainly to high prices for beverage and foods ( up 7.2% in Nov. vs. 7.2% in Oct.) and for pulp, paper and related products (up 10.4% vs. 9.7% in the prior month).

Prices for electric power, gas and water (up 49.7% vs. 44.1%) and it had the biggest positive contribution, although prices for petroleum and coal products slowed (up 0.5% vs. 2.8%).