Service price for companies dropped by 0.6% November 25, 11:32 from the drop in accommodation charges in Corona
In October, the price level of services provided to businesses fell 0.6% from the same month last year, due in part to lower prices for accommodation and freight transportation due to the impact of the new coronavirus.
Every month, the Bank of Japan surveys the prices of various services provided to companies and publishes them as indexes.
According to it, the preliminary figures for October were 104.2, which is an index with the average of 2015 as 100, which is 0.6% lower than the same month last year.
Looking at the breakdown, due to the impact of the new coronavirus, “accommodation services” fell by 34.5% and “sea freight transportation” fell by 20.2% compared to the same month last year.
Of these, regarding "accommodation services," in October, travel to and from Tokyo was added to the target of "Go To Travel," which is a demand stimulus measure, but companies continue to suspend business trips, so business in the Kanto region. It means that prices are falling mainly in hotels.
The Bank of Japan said, "Coronavirus is still suppressing corporate activities. The re-emergence of the infection has increased uncertainty about the future, and we would like to carefully monitor future price trends."