Jiji PressTOKYO (Jiji Press) — Japan’s producer prices in October rose 3.4 percent from a year before, up for the 10th straight month, the Bank of Japan said Monday.
The rise came as prices for crude oil and nonferrous metal grew on the back of a global economic recovery.
The producer price index stood at 99.4 against 100 for the base year of 2015, the central bank said.
The size of growth was the largest since the 4.5 percent rise marked in October 2008, excluding the impact from the consumption tax increase in April 2014.
In October, prices for petroleum and coal products jumped 15.8 percent in line with output cutbacks by oil producing countries.
Nonferrous metal prices surged 22.4 percent, chiefly on hopes for the future growth of the Chinese economy.
Price increases stemming from domestic demand are still limited to certain items, an official of the BOJ’s Research and Statistics Department said.