— Japan Apr CGPI -0.2% Y/Y; MNI Forecast: -0.3%
— Japan Apr CGPI Posts 1st Y/Y Drop in 19 Months; Mar Rev +0.5%
TOKYO (MNI) – Japan’s corporate goods price index fell 0.2% on year
in April, marking the first year-on-year drop in 19 months, reflecting
lower prices for nonferrous metals, iron and steel as well as chemical
and related products, data released Monday by the Bank of Japan showed.
The April drop was largely in line with the median forecast for a
0.3% fall in an MNI survey of economists.
From the previous month, CGPI rose 0.3% in April, marking the third
consecutive monthly rise, led by petroleum and coal products, utilities
and farm products.
After hitting a record 8.5% drop on year in July and August 2009,
CGPI peaked at +2.8% y/y in July 2011.
The number of CGPI items whose prices rose from a year earlier
totaled 297 in April, or 34.7% of the basket, in April, while the number
of items whose prices fell came to 429, or 50.2%.
It is the second 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$,MMJBJ$]
