Wholesale prices in Japan rise to the highest level in 13 years

Bank of Japan data showed that the Corporate Goods Price Index, which measures the prices companies charge each other for their goods and services, rose 1.1% in July after rising 0.6% in June, the largest increase in nearly two years. On an annual basis, wholesale prices in Japan rose 5.6% in the twelve months to July compared to the same period last year, the fastest pace of growth in 13 years and the fifth consecutive monthly rise.

"Given this historical experience, any rise in consumer prices driven by increases in upstream costs is likely to be transient," the Bank of Japan said in a report, and the Japanese economy pulled out of recession last year thanks to strong exports.