MNI BRIEF: Japan March CGPI Rises 2.6% Y/Y; Import Price Rises

Japan's corporate goods price index rose 2.6% y/y in March, accelerating from February’s 2.1%, while import prices rose for a fourth straight month, data released by the Bank of Japan showed on Friday.

The March index was boosted by petroleum and coal products (-7.3% vs. -11.7%) and chemical and related products (-0.4% vs. -2.5%).

The CGPI rose 0.8% m/m in March, marking a seventh consecutive increase, following a 0.1% rise in February.

On a yen basis, import prices rose 7.9% y/y in March, accelerating from 2.7% in February, indicating that the weak yen and elevated crude oil prices are pushing up import costs and increasing pressure on firms to pass these on to retail prices.