Japan's producer price index reached an all-time high in 2024.

In 2024, the producer price index reached a record high, driven by rising material costs and fluctuations in various sectors.

The producer price index hit a record high for the third consecutive year in 2024, with a 2.3% increase to 122.6, highlighting companies adjusting prices to cover rising material and labor costs. Nonferrous metal prices surged 12.2% driven by soaring copper and aluminum prices. Meanwhile, agricultural goods jumped 9.7% and food and beverage prices rose 2.6%, while lumber and wood products saw a 4.0% decrease due to falling housing demand.

In December alone, the index soared 3.8%, marking the 46th straight month of increases. Despite some items declining, electricity, city gas, and water prices leaped 12.9% amid subsidy cuts, and agricultural products skyrocketed 31.8% from rice price hikes. The Bank of Japan is keeping a close watch on how all this is shaking out in the market.

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