— Japan June Corporate Service Prices -0.3% Y/Y; May +0.1%
TOKYO (MNI) – Japan’s corporate service price index fell 0.3%
year-on-year in June after rising 0.1% in May due to weaker prices on
advertising services and transportation, dropping year-on-year for
the first time in three months, data released by the Bank of Japan
showed on Thursday.
In April, CSPI posted the first year-on-year gain in more than
three years, since +0.9% in September 2008.
The drop in June was mainly caused by lower year-on-year gains in
costs of transportation led by the drop in international commodity
prices, and advertising services, such as television commercials and
magazine advertising, as well as those for leasing and rental.
Total CSPI, which stood at 96.0 in June against 100 in the 2005
base year, fell 0.1% from the previous month, after falling 0.4% in May.
Core CSPI excluding international transportation, a measure free of
volatile factors, was down 0.1% from a year earlier in June following a
0.2% rise in May.
The downward pressure on prices has generally eased since total
CSPI posted a record drop of -3.8% in August 2009, which was the largest
decline since the BOJ began compiling CSPI data in January 1985.
The corporate services price index tracks prices for a wide range
of corporate services, ranging from finance and insurance charges to the
cost of shipping goods by road rail, air or sea.
tokyo@marketnews.com
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