Japan’s wholesale prices drop 0.9pc

14 August, 2020 12:00 AM printer

TOKYO: Japan’s wholesale prices dropped 0.9 percent in July from a year earlier due to sluggish demand for a broad range of products amid the coronavirus pandemic, the Bank of Japan said Thursday.

The price of goods traded between companies fell for the fifth consecutive month, but the decline slowed from a 1.6 percent slip in June, due largely to firmer crude oil prices, report agencies.

Prices for oil and coal products declined 19.3 percent from the previous year, but the year-on-year fall slowed from a revised 26.0 percent in June, reflecting tightened supply following coordinated output cuts by oil-producing countries, a BOJ official said.