apan’s Corporate Goods Price Index (CGPI) saw a year-on-year rise in December 2024 over higher prices of agricultural, forestry and fishery products, preliminary data by the Bank of Japan (BOJ) showed on Thursday.
The index measuring producer prices, based on 2020 as the base year (100), reached 124.8 in December, rising 3.8 percent year on year.
The price hike was driven largely by rising costs in agricultural, forestry and fishery products, which surged 31.8 percent year on year during the month.
Higher energy costs also contributed, with electricity, city gas, and water prices rising 12.9 percent year on year, up from a 9.3 percent increase in November.
For the full year 2024, the CGPI rose by 2.3 percent compared to 2023, a notable deceleration from the 4.4 percent increase recorded in the previous year.
While materials such as copper and aluminum saw significant price gains of 12.2 percent, producers of food and beverages continued to pass higher costs of raw materials and packaging onto consumers, resulting in a 2.6 percent increase in the category.
The CGPI reflects price trends for goods traded between companies and, along with the Corporate Services Price Index, can impact the Consumer Price Index in the future. ■
