Japan's ocean freight transport prices jump 97.7% in September, hitting record high on BOJ index

The Bank of Japan's preliminary Corporate Services Price Index for September rose 3.7% year-on-year to 115.5. With crude oil prices staying elevated amid turmoil in the Middle East, ocean freight transportation surged 97.7% to 315.9, a record high. International air freight transportation also climbed 33.5%. Accommodation services rose 9.7% on stronger demand during the Silver Week holiday period, and prices increased for 116 of the 146 items surveyed. The BOJ said it will keep a close watch on whether businesses continue to pass higher costs through to prices.