Friday, October 25, 2013
Corp Services Prices Rise On Year For 5th Month In Sept, Up 0.7%
TOKYO (NQN)--The corporate services price index rose 0.7% on the year in September to 96.2 (2005=100), marking the fifth straight month of growth, according to data released Friday by the Bank of Japan.
That is the longest uptrend in the index since a period of 21 straight months of growth from January 2007 through September 2008.
The yen's slight depreciation during the month raised foreign currency-denominated fees for marine freight shipments and vessel charters, helping lift the index.
By industry, service prices in the transportation industry rose 3% due to the weaker yen and a sharp rise in the spot market for shipping, in line with strong traffic in iron ore and grain to China. Prices rose 1.4% in the leasing and rental business in reaction to a decline the previous year.
Advertising prices fell, with fees for TV commercials rising more slowly, while those for newspaper ads continued to slide as consumer electronics manufacturers bought less advertising space.
Out of 137 items surveyed, 53 rose from the previous year and 47 fell. Again in September, the number of items whose prices rose exceed those that fell.
The BOJ said corporate expenditure on services is strengthening. The central bank said it will monitor how price revisions in October affect the price of services.
The index measures changes in the prices of various services rendered by businesses to commercial and public entities.