Energy costs push Japanese imports to record high

Higher oil prices helped lift Japanese wholesale prices for a second straight year and pushed imports up to their highest level on record in November, demonstrating the effect of higher energy prices even on Japan’s energy-efficient economy.

Wholesale prices rose 1.7 per cent in 2005, their second straight year of increase. Prices of petroleum and coal products increased 20.3 per cent, with those of steel up 10.8 per cent and chemicals up 11.5 per cent. Crude oil prices were 37.4 per cent higher than a year earlier at $57.55 per barrel on a customs-cleared basis.

Financial Times