Japan's wholesale prices drop 1.6% in Jan. due to lower oil costs

Japan’s wholesale prices dropped 1.6 percent in January from a year earlier due largely to lower crude oil prices and electricity bills, the Bank of Japan said Wednesday. The prices of goods traded between companies fell for the 11th straight month amid the prolonged impact of the novel coronavirus pandemic. Prices for oil and coal products tumbled 14.7 percent with a slow recovery in crude oil prices amid the pandemic, while electricity, gas and water bills dropped 11.9 percent, reflecting lower energy costs last summer. “The U.S and Chinese economies have been picking up recently, but we sti…

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