(Updates with economist’s comment in the fourth paragraph.)
June 10 (Bloomberg) -- Japan’s producer prices rose for an eight month in May, pushed up by higher energy and raw material costs.
Prices companies pay for energy and unfinished goods gained 2.2 percent from a year earlier, after climbing 2.5 percent in April, a Bank of Japan report showed today. The median estimate of 24 economists surveyed by Bloomberg News was for a 2.5 percent gain.
Crude oil has risen 37 percent the past year and the Standard & Poor’s GSCI index of 24 commodities has soared 47 percent during the period. Toyobo Co., a maker of fiber and chemical material, this month said it will increase prices of industrial film because of higher raw-material costs.
“Given the solid economic growth of Asia, one of the biggest consumers of resources, as well as accommodative monetary environments worldwide, commodity prices are likely to stay high over the long term,” Kyohei Morita, chief economist at Barclays Capital in Tokyo, said before the report was released.
Bank of Japan board members predicted in April the country’s producer prices will rise 2.2 percent in the year to March 2012 and its increase will slow to 0.6 percent in the following year. The BOJ will update those forecasts next month.
--With the assistance from Masahiro Hidaka in Tokyo. Editors: Lily Nonomiya, Ken McCallum
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