TOKYO: An index measuring the prices Japanese firms charge each other for services hit a more than two-decade high in December, a sign inflationary pressure was building on rising freight costs and a rebound in demand from a pandemic-induced slump.
The increase was driven by rising transportation costs with ocean freight fees spiking 38.6 per cent in December from a year ago, the data showed, underscoring the impact global supply chain disruptions are having on Japan's service costs. Japan has not been immune to global commodity inflation with wholesale prices spiking 8.5 per cent in December from a year earlier, marking the second-fastest pace on record.
Policymakers say stronger wage growth would be crucial for inflation to sustainably accelerate toward the BOJ's target.
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