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Japan's corporate goods price index posted a third straight year-on-year rise in May, up 4.9%, with the index rising to the highest level since September 2008, according to data released by the Bank of Japan on Thursday.
May's 4.9% y/y rise accelerated from a revised 3.8% rise in April and was sharply boosted by higher prices for petroleum and coal products (+53.5% y/y in May vs. +39.5% in April).
The index was also boosted by higher nonferrous metals (+41.6% in May vs. +35.6% in April).
"International commodity prices rose in the wake of the strong demand caused by the recovering global economy," a BOJ official told reporters.
He added that it is taking time for firms to transfer higher costs into retail prices.
A worsening of the terms of trade caused by higher import prices will gradually weigh on corporate profits, he added.