Tokyo, 25th April, 2016 (WAM) — Japan’s services producer prices rose 0.4 pct in fiscal 2015 from the previous year, up for the third straight year, the Bank of Japan said Monday.
The services producer price index, which measures the costs of services to corporate clients, stood at 102.8 in the latest year ended on March 31, against 100 for the base year of 2010, the central bank said in a preliminary report, carried by Jiji Press.
Prices rose, reflecting strong demand for travel in Japan, as well as labor shortages and active investment by companies, an official at the BOJ’s Research and Statistics Department said.
Hotel charges increased 9.8 pct on brisk demand from foreign tourists visiting Japan. Civil engineering and construction service prices rose 4.3 pct, as labor costs at public works projects were lifted due to shortages of skilled engineers.
Ocean freight transportation fees fell 11.2 pct amid an economic slowdown in China.