— Japan July CGPI -2.1% Y/Y; MNI Median Forecast: -1.6%
— Japan July CGPI Posts 4th Straight Y/Y Drop; June Rev -1.4%
— Japan CGPI Marks Largest Y/Y Fall Since -2.1% in Jan 2010
TOKYO (MNI) – Japan’s corporate goods price index slumped 2.1% on
year in July, posting the largest drop in over two years as slower
global demand pushed down the costs of gasoline and other fuels as well
as petrochemical products, data released Friday by the Bank of Japan
showed.
The July drop was larger than the median forecast for a 1.6% fall
in a MNI survey of economists and marked the biggest year-on-year drop
since -2.1% in January 2010.
It was the fourth straight year-on-year fall under the 2010 base
year, following -1.4% in June.
After hitting a record 8.5% drop on year in August 2009, CGPI
reached a recent peak of +2.2% in July and August 2011.
From the previous month, CGPI fell 0.4% in July, marking the third
month-on-month drop, led by gasoline and other refined petroleum
products as well as chemical products.
The number of CGPI items whose prices rose from a year earlier
totaled 246 in June, or 29.9% of the basket, while the number of items
whose prices fell came to 496, or 60.3%.
It is the fifth straight month that the number of decliners has
exceeded that of gainers.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$,MMJBJ$]
