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Japan April wholesale prices soar a record 10% as Ukraine war keeps energy costs high -Breaking

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TOKYO (Reuters – Japan’s Wholesale Prices climbed 10% in April compared with the same period a year ago, data from Monday showed. This record rise was caused by the Ukraine crisis as well as a weak yen that pushed up energy prices and the price of raw materials.

This month saw the largest year-on-year increase in corporate goods prices index (CGPI), which is a measure of the amount companies charge one another for goods and services. It was the first time comparable data were available since 1981.

It was following a revised 9.7% March increase, and it was greater than the median market forecast of an 8.4% increase.

Monday’s data indicated that the yen-based import cost index rose by 44.6% from last year to April. It is an indication of how the recent fall in the yen has inflated the import costs of Japanese businesses.

Japan’s rising wholesale prices could cause an increase in consumer inflation. It is currently below the 2% target of the central bank due to low wages and high household spending.

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