Jiji Press TOKYO (Jiji Press) — The nation’s producer price index for June fell 0.1 percent from a year before, marking the first decline in 30 months, the Bank of Japan said Wednesday.
The index stood at 101.2 against 100 for the base year of 2015, the central bank said in a preliminary report. It last posted a fall in December 2016.
The latest drop reflected growing concerns that intensifying trade tensions between the United States and China may slow down the economies of China and other countries, which triggered falls in international crude oil and metal prices.
Still, a BOJ official said, “There will unlikely be any direct impact on consumer prices as companies were cautious about passing higher costs on to consumers when producer prices were rising.”
Prices dropped 5.5 percent for oil and coal products amid sluggish crude oil prices, 9.3 percent for nonferrous metal reflecting weak markets for copper and aluminum, and 15.4 percent for scrap and waste. Speech