Tokyo:Japan's wholesale prices rose by 7.1 percent in October compared to the previous year, as indicated by preliminary data from the Bank of Japan (BOJ) released on Thursday. This increase marks an acceleration from the 6.8 percent increase observed in September.

According to Namibia Press Agency , the rise in wholesale prices was primarily driven by higher crude oil prices and price adjustments related to quarterly and semiannual revisions in October. Import prices saw a significant jump of 24.8 percent, while export prices increased by 16.7 percent over the same period.

Nearly all commodity categories experienced year-on-year price increases. Notably, prices of nonferrous metals surged by 31.7 percent, with petroleum and coal products, as well as information and communications equipment, each rising by 15.9 percent. The increase in the latter category was attributed to robust demand linked to artificial intelligence. Meanwhile, prices for chemicals and related products climbed 15.5 percent, driven by higher naphtha prices.

The only category to experience a year-on-year price decline was agricultural, forestry, and fishery products, which dropped by 25.0 percent. This decrease was partly due to swelling rice inventories that pushed prices down. Out of 515 items surveyed, prices increased for 469 items and decreased for 35. A BOJ official noted that there are ongoing moves to pass higher raw material costs onto prices.

The corporate goods price index is considered a leading indicator of the consumer price index. This data comes as the BOJ considers the timing of its next interest rate hike, with its next monetary policy meeting scheduled for December 17 to 18.