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Indicator Digest

Producer Prices

Main Indicator: Corporate Goods Price Index y/y

Most Recent Release

March
9th, 2010
Actual Forecast Previous Revised Form
-1.5% -1.5% -2.1% N/A

For February
Provided by: Bank of Japan
Previous Release: PDF

CGPI m/m: 0.1%, pr. 0.3% (Jan), 0.1% (Dec), 0.0% (Nov),
-0.7% (Oct), 0.1% (Sep), 0.0% (Aug), 0.4% (Jul), -0.4% (Jun),
-0.5% (May), -0.6% (Apr), -0.3% (Mar), -0.4% (Feb)

Japan’s domestic corporate goods prices posted a second month-on-month gain in February, increasing 0.1% m/m, after a 0.3% m/m January advance, according to the Bank of Japan corporate goods price index. February CGPI was down 1.5% y/y, a 14th consecutive year-on year decline, following a 2.1% y/y January slide; thus, increasing concerns over the effect of deflation on the Japanese economic recovery. The numbers came in as forecast.

Table of Past Data

6/97/98/119/910/1311/1112/91/132/93/9
Actual-5.4%-6.6%-8.5%-8.5%-7.9%-6.7%-4.9%-3.9%-2.1%-1.5%
Forecast-5.1%-6.4%-8.7%-8.3%-7.9%-6.0%-5.1%-3.8%-2.3%-1.5%
Previous-4.0%-5.4%-6.7%-8.5%-8.5%-8.0%-6.8%-5.0%-3.9%-2.1%
Revised From-3.8%N/A-6.6%N/AN/A-7.9%N/A-4.9%N/AN/A

Secondary Indicator: Corporate Service Price Index y/y

Most Recent Release

February
23rd, 2010
Actual Forecast Previous Revised Form
-1.0% -1.1% -1.5% N/A

For January
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: -0.4%, pr. 0.0% (Dec), -0.2% (Nov), 0.0% (Oct),
-0.2% (Sep), -0.4% (Aug), -0.2% (Jul), 0.4% (Jun), -0.3% (May),
-0.2% (Apr), 0.9% (Mar), 0.2% (Feb), -0.9% (Jan), -0.5% (Dec)

Table of Past Data

5/256/237/268/259/2410/2811/2412/241/252/23
Actual-2.4%-3.0%-3.2%-3.4%-3.5%-3.2%-2.2%-1.5%-1.0%
Forecast-2.8%-3.2%-3.3%-3.5%-3.4%-2.5%-2.0%-1.4%-1.1%
Previous-2.1%-2.4%-3.0%-3.2%-3.4%-3.5%-3.2%-2.2%-2.0%-1.5%
Revised FromN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Past Releases

Corporate Goods Price Index y/y
February
9th, 2010
Actual Forecast Previous Revised Form
-2.1% -2.3% -3.9% N/A

For January
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: 0.3%, pr. 0.1% (Dec), 0.0% (Nov), -0.7% (Oct),
0.1% (Sep), 0.0% (Aug), 0.4% (Jul), -0.4% (Jun), -0.5% (May),
-0.6% (Apr), -0.3% (Mar), -0.4% (Feb), -1.5% (Jan)

Corporate Service Price Index y/y
January
25th, 2010
Actual Forecast Previous Revised Form
-1.5% -1.4% -2.0% N/A
Corporate Goods Price Index y/y
January
13th, 2010
Actual Forecast Previous Revised Form
-3.9% -3.8% -5.0% -4.9%

For December
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: 0.1%, pr. 0.0% R- (Nov), -0.7% (Oct), 0.1% (Sep),
0.0% (Aug), 0.4% (Jul), -0.4% (Jun), -0.5% (May), -0.6% (Apr),
-0.3% (Mar), -0.4% (Feb), -1.5% (Jan), -1.2% (Dec), -1.9% (Nov),
-1.6% (Oct), -0.4% (Sep), -0.1% (Aug), 2.0% (Jul), 0.8% (Jun)

Corporate Service Price Index y/y
December
24th, 2009
Actual Forecast Previous Revised Form
-2.0% -2.2% N/A

For November
Provided by: Bank of Japan
Previous Release: PDF

CSPI m/m: pr. 0.1% (Oct), -0.2% (Sep), -0.4% (Aug), -0.2% (Jul),
0.4% (Jun), -0.3% (May), -0.2% (Apr), 0.9% (Mar), 0.2% (Feb),
-0.9% (Jan), -0.5% (Dec), -0.3% (Nov), -1.2% (Oct), -0.4% (Sep)

Corporate Goods Price Index y/y
December
9th, 2009
Actual Forecast Previous Revised Form
-4.9% -5.1% -6.8% N/A
Corporate Service Price Index y/y
November
24th, 2009
Actual Forecast Previous Revised Form
-2.2% -2.5% -3.2% N/A

For October
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: 0.1%, pr. -0.2% (Sep), -0.4% (Aug), -0.2% (Jul),
0.4% (Jun), -0.3% (May), -0.2% (Apr), 0.9% (Mar), 0.2% (Feb),
-0.9% (Jan), -0.5% (Dec), -0.3% (Nov), -1.2% (Oct), -0.4% (Sep)

Corporate Goods Price Index y/y
November
11th, 2009
Actual Forecast Previous Revised Form
-6.7% -6.0% -8.0% -7.9%
For October
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: -0.7%, pr. 0.1% (Sept), 0.0% (Aug(, 0.4% (Jul),
-0.4% (Jun), -0.5% (May), -0.6% (Apr), -0.3% (Mar), -0.4% (Feb),
-1.5% (Jan), -1.2% (Dec), -1.9% (Nov), -1.6% (Oct), -0.4% (Sep),
-0.1% (Aug), 2.0% (Jul), 0.8% (Jun), 1.1% (May)

Corporate Service Price Index y/y
October
28th, 2009
Actual Forecast Previous Revised Form
-3.2% -3.4% -3.5% N/A

For September
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: -0.2%, pr. -0.4% (Aug), -0.2% (Jul), 0.4% (Jun),
-0.3% (May), -0.2% (Apr), 0.9% (Mar), 0.2% (Feb), -0.9% (Jan),
-0.5% (Dec), -0.3% (Nov), -1.2% (Oct), -0.4% (Sep), -0.5% (Aug)

Corporate Goods Price Index y/y
October
13th, 2009
Actual Forecast Previous Revised Form
-7.9% -7.9% -8.5% N/A
For September
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: 0.1%, pr. 0.0% (Aug(, 0.4% (Jul), -0.4% (Jun),
-0.5% (May), -0.6% (Apr), -0.3% (Mar), -0.4% (Feb), -1.5% (Jan),
-1.2% (Dec), -1.9% (Nov), -1.6% (Oct), -0.4% (Sep), -0.1% (Aug),
2.0% (Jul), 0.8% (Jun), 1.1% (May)

Corporate Service Price Index y/y
September
24th, 2009
Actual Forecast Previous Revised Form
-3.5% -3.5% -3.4% N/A
For August
Provided by: Bank of Japan
Previous Release: PDF

CSPI m/m: pr. -0.2% (Jul), 0.4% (Jun), -0.3% (May), -0.2% (Apr),
0.9% (Mar), 0.2% (Feb), -0.9% (Jan), -0.5% (Dec), -0.3% (Nov),
-1.2% (Oct), -0.4% (Sep), -0.5% (Aug), 0.0% (Jul), 0.6% (Jun)

Corporate Goods Price Index y/y
September
9th, 2009
Actual Forecast Previous Revised Form
-8.5% -8.3% -8.5% N/A
For August
Provided by: Bank of Japan
Previous Release: PDF

CGPI m/m: pr. 0.4% (Jul), -0.4% (Jun), -0.5% (May),
-0.6% (Apr), -0.3% (Mar), -0.4% (Feb), -1.5% (Jan), -1.2% (Dec),
-1.9% (Nov), -1.6% (Oct), -0.4% (Sep), -0.1% (Aug), 2.0% (Jul),
0.8% (Jun), 1.1% (May)

Corporate Service Price Index y/y
August
25th, 2009
Actual Forecast Previous Revised Form
-3.4% -3.3% -3.2% N/A
For July
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: -0.2%, pr. 0.4% (Jun), -0.3% (May), -0.2% (Apr),
0.9% (Mar), 0.2% (Feb), -0.9% (Jan), -0.5% (Dec), -0.3% (Nov),
-1.2% (Oct), -0.4% (Sep), -0.5% (Aug), 0.0% (Jul), 0.6% (Jun)

Corporate Goods Price Index y/y
August
11th, 2009
Actual Forecast Previous Revised Form
-8.5% -8.7% -6.7% -6.6%
For July
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: 0.4%, forecast 0.0%, pr. -0.4% (Jun), -0.5% (May),
-0.6% (Apr), -0.3% (Mar), -0.4% (Feb), -1.5% (Jan), -1.2% (Dec),
-1.9% (Nov), -1.6% (Oct), -0.4% (Sep), -0.1% (Aug), 2.0% (Jul),
0.8% (Jun), 1.1% (May)

Corporate Service Price Index y/y
July
26th, 2009
Actual Forecast Previous Revised Form
-3.2% -3.2% -3.0% N/A
For June
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: 0.4%, pr. -0.3% (May), -0.2% (Apr), 0.9% (Mar),
0.2% (Feb), -0.9% (Jan), -0.5% (Dec), -0.3% (Nov), -1.2% (Oct),
-0.4% (Sep), -0.5% (Aug), 0.0% (Jul), 0.6% (Jun), 0.2% (May)

Corporate Goods Price Index y/y
July
9th, 2009
Actual Forecast Previous Revised Form
-6.6% -6.4% -5.4% N/A
For June
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: -0.3%, pr. -0.5% (May), -0.6% (Apr), -0.3% (Mar),
-0.4% (Feb), -1.5% (Jan), -1.2% (Dec), -1.9% (Nov), -1.6% (Oct),
-0.4% (Sep), -0.1% (Aug), 2.0% (Jul), 0.8% (Jun), 1.1% (May)

Corporate Service Price Index y/y
June
23rd, 2009
Actual Forecast Previous Revised Form
-3.0% -2.8% -2.4% N/A
For April
Provided by: Bank of Japan
Previous Release: PDF

CSPI m/m:  pr. -0.2% (Apr), 0.9% (Mar), 0.2% (Feb), -0.9% (Jan), -0.5% (Dec),
-0.3% (Nov), -1.2% (Oct), -0.4% (Sep), -0.5% (Aug), 0.0% (Jul),
0.6% (Jun), 0.2% (May), 0.1% (Apr), 0.4% (Mar)

Corporate Goods Price Index y/y
June
9th, 2009
Actual Forecast Previous Revised Form
-5.4% -5.1% -4.0% -3.8%
For May
Provided by: Bank of Japan
Official Release: PDF

CGPI m/m: -0.4%, pr. -0.6% R (Apr), -0.3% (Mar), -0.4% (Feb),
-1.5% (Jan), -1.2% (Dec), -1.9% (Nov), -1.6% (Oct), -0.4% (Sep),
-0.1% (Aug), 2.0% (Jul), 0.8% (Jun), 1.1% (May), 0.6% (Apr)

The Corporate Goods Price Index, which measures the costs companies pay for energy and raw materials, slid 5.4% in May from a year earlier. It's the fastest pace that prices have dropped in 22 years. Price declines are set to pick up as oil trades at lower levels than it did last year. If expectations are that these lower prices filter down into finished goods, companies and consumers may delay purchases while waiting for further discounts, continuing to pressure profits which can result in higher layoffs. Consumer prices, excluding food, fell for a second month in April, and the prices companies pay for services is down for a seventh month. Japan has had a history of deflation and central banks have expressed their concern about a deflationary spiral taking hold. 

Corporate Service Price Index y/y
May
25th, 2009
Actual Forecast Previous Revised Form
-2.4% -2.1% N/A
For March
Provided by: Bank of Japan
Official Release: PDF

CSPI m/m: -0.2%, pr. 0.9% (Mar), 0.2% (Feb), -0.9% (Jan), -0.5% (Dec),
-0.3% (Nov), -1.2% (Oct), -0.4% (Sep), -0.5% (Aug), 0.0% (Jul),
0.6% (Jun), 0.2% (May), 0.1% (Apr), 0.4% (Mar)