Japan's wholesale prices drop 2.1% in Oct. due to falling oil costs

Japan’s wholesale prices dropped 2.1 percent in October from a year earlier due largely to falling crude oil costs and lower electricity bills, the Bank of Japan said Thursday.The prices of goods traded between companies fell for the eighth straight month, marking the largest decline since a revised 2.8 percent decrease in May, despite the central bank’s efforts to achieve a 2 percent inflation target.Prices for oil and coal products tumbled 16.2 percent from the previous year, as crude oil prices fell in the reporting month due to the slow pace of recovery of the global economy amid the novel…

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