A report released by the Bank of Japan showed that Japan's corporate goods prices index or the producer price index fell 0.2% month-over-month in March. However, the decline was not as worse as the 0.5% drop in the previous month, although the it was in line with expectations. Producer prices have been seeing a declining trend since September 2008.
Annually, producer prices fell 2.2% following a revised 1.6% drop in February. The decline was bigger than the 1.8% drop expected by economists. Meanwhile exports and import prices were down 3.2% and 17.2%, respectively in March compared to the year-ago period.
The monthly comparison showed a 0.4% decline in the export price index and a 1.2% slippage in the import price index.
Producer prices saw a significant drag from iron and steel prices, which contributed to 0.12 percentage points of the decline, while scrap & waste prices accounted for 0.05 percentage points of the decline.
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