TOKYO, 10th March, 2016 (WAM) — Producer prices in Japan in February dropped 3.4 percent from a year before, down for the 11th consecutive month, dragged down by lower crude oil prices, the Bank of Japan said Thursday.

The producer price index stood at 99.8 against 100 for the base year of 2010, the BOJ said in a preliminary report.

Prices were up for 287 items and down for 415 items. Oil and coal products, chemical goods and steel saw sharp declines.

Month on month, the index was down 0.2 percent, milder than January’s 1.0 percent fall, amid signs of bottoming out in the prices of crude oil and other commodities, Jiji Press said, citing the BOJ report .

“Commodity markets’ rebounds are expected to push up (domestic producer prices) with a time lag,” an official at the BOJ’s Research and Statistics Department said.

WAM/tfaham/Moran