Japanese Wholesale Prices Soar

Japan's corporate goods prices rose at their fastest pace in more than 27 years, pushed up by surging oil and commodities prices, the Bank of Japan said today.

Japan's index for domestic corporate goods prices increased 7.1 percent in July from a year earlier to 112.0, growing at the fastest pace since an 8.1 percent gain in January 1981. Then, as now, high oil prices were driving inflation.

In June, prices rose at a 5.7 percent clip.

The corporate goods price index measures price developments of goods bought and sold by companies. The central bank uses 2005 as the base year for the index.