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ECONOMY

60 pct of Japanese firms face higher purchase prices

  • January 26, 2022
  • , Jiji Press , 10:44 p.m.
  • English Press

Tokyo, Jan. 26 (Jiji Press)–Over 60 pct of companies in Japan saw their purchase prices rise in December from a year before and more than half of them failed to pass on the higher costs to customers, a survey released Wednesday by Teikoku Databank Ltd., a credit research firm, showed.

 

The survey showed that 64.2 pct of responding companies reported a year-on-year increase in purchase prices, the highest level since September 2008 during the global financial crisis.

 

Wholesalers of steel, nonferrous metal and mining products had the highest proportion, at 92.7 pct, followed by chemical makers, at 83.3 pct, and restaurants and bars, at 83.1 pct.

 

The survey showed that 54.2 pct of respondents said they kept their sales prices unchanged or lowered them despite higher purchase costs. Only 30 pct of restaurants and bars, and food and feed makers passed on higher procurement costs to customers.

 

The survey showed that companies in Japan are struggling with higher purchase prices. But a Teikoku Databank official said more companies are expected to raise sales prices to pass on higher costs to customers.

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