Japan's wholesale prices up 2.5%

Japan's wholesale prices gained 2.5 percent in October compared with the same period of last year, the Bank of Japan said Wednesday. The index of corporate goods prices stood at 102.5 against the 2010 base of 100, the central bank said in a preliminary report. It was down 0.1 percent from September. It marked the seventh consecutive month that the index registered an increase, and the rise last month was the highest in five years, mainly due to a weaker yen and rising prices of building materials. Prices of lumber and wood products jumped by 13.6 percent amid strong demand in the construction sector, official figures showed. Meanwhile, prices of petroleum and coal products rose by 12.7 percent due to higher import costs pushed up by a weaker yen, and prices of electric power, gas and water grew 11.8 percent. Analysts said it remained to be seen whether the continued rise of wholesale prices could be maintained.