Service prices for enterprises have fallen sharply. Accommodation has been sluggish. New Corona June 24, 12:07.
The price levels of various services offered to businesses last month fell sharply by 1% from the same month last year, excluding the impact of the consumption tax hike. The main reason for this was that the prices of accommodation services and advertisements dropped significantly due to the new coronavirus.
The BOJ monthly surveys the prices of services provided to companies in order to understand trends in the economy and prices.
As a result, the price of the last month excluding the effect of the consumption tax hike was 101.8, an index with the average of 2015 as 100, down 1% from the same month last year.
This is at the same level as the previous month, April, when there was a significant decline since May 2011 after the Great East Japan Earthquake.
Of these, “accommodation services” fell sharply by 36.6%.
This is because many companies are abandoning business trips due to the effect of the new coronavirus, resulting in cheaper hotel accommodation prices.
The Bank of Japan said, “Because of the new coronavirus, the prices of lodging, advertising and freight transportation have dropped significantly. I would like to keep an eye on whether the downward trend will continue."