Japan Corporate Goods Price Index

In June 2021, CGPI rose by 5% YoY.

Published monthly by the Bank of Japan. Updated to the month of June 2021 (published on July 12th, 2020).

Brief overview of  "CGPI"

The Corporate Goods Price Index (CGPI) released by the Bank of Japan measures the price development of goods traded in the corporate sector. There are three indices, Producer Price Index, Export Price Index and Import Price Index. These can be broken down into the commodity level.

One of the purposes of the index is to grasp the supply and demand conditions of individual goods, as well as to provide material for the economic assessment and the monetary policy decision-making.

Historically, the Producer Price Index has been more volatile compared to the Consumer Price Index (CPI). This means that companies did not transfer much of the price changes to the consumers.

The Producer Price Index spiked from 1973-1974 and peaked at 33.8% YoY due to the 1973 oil crisis. Following that, the index increased dramatically again from 1979-1980 to 18.4% YoY due the 1979 oil crisis. Between the years of 1981-2019, the index stayed relatively stable with the maximum of +7.9%?YoY and the minimum of -8.6% YoY. During the same period, the average of the index was at -0.2% YoY, which signifies a continuous deflationary pressure in the Japanese economy.

For more information, visit the official government page

YoY% change in CGPI and CPI

YoY% change in CGPI and Import Price Index

CGPI by types of goods

CGPI by Import Price

Source: BoJ, JMA

The Next Release Date: August 12th, 2021.


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