Japan corporate service price index rose 1.0% yoy in October, slightly above expectation of 0.9% yoy. At 105.4, the services producer price index hit the highest level since November 2001. The key driver of the rise was transportation fee, with cost of ocean freight transportation up 52.0% yoy.
“Corporate services prices are recovering gradually, with some sectors showing demand picking up due to the lifting of curbs. But the move hasn’t broadened much on lingering caution over the pandemic,” Shigeru Shimizu, head of the BOJ’s price statistics division, told a briefing.
