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Japan Wholesale Prices Increased at Quick Pace in August

Japan Wholesale Prices Increased at Quick Pace in August

Japanese wholesale prices increased at its quickest annual pace in almost nine years in August as strong Chinese demand boosted commodity prices. It raises hopes that consumer inflation will pick up towards the central bank's two percent target.

Wholesale prices were up 2.9 percent in August from the previous year, rising for the eighth consecutive month and marking its quickest pace of growth since October 2008, according to data from the Bank of Japan.

However, some analysts caution that the pick-up in wholesale inflation will not be as strong enough to compel companies to boost retail goods prices.

The growth in the corporate goods price index, which measures the price that firms charge each other for their goods and services, was approximately in line with a median market forecast for a 3.0 percent rise. The July gain was at 2.6 percent.

According to the data, the rise was propelled mostly by growing import prices of crude oil, scrap metal and other commodities on strong demand from China.

Domestic final goods prices, which loosely track the consumer price index, was up 0.7 percent from the previous year.

Japan's economy grew at an annualized rate of 2.5 percent in the second quarter due strong exports and the acceleration in private consumption.

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