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Japan wholesale prices rise at record annual pace as fuel soars

9.3% jump in February shows inflation predates Russia's war on Ukraine

A weakening yen aided the acceleration of price increases for imported goods in Japan.   © Reuters

TOKYO (Reuters) -- Japan's wholesale inflation accelerated in February at the fastest annual pace in roughly four decades on rising fuel costs, a sign inflationary pressures were building up even before the Ukraine crisis triggered a broad-based surge in commodity prices.

The recent war-driven spike in goods prices ranging from oil, metals to grain will likely keep pushing up wholesale prices in a fresh hit to Japan's resource-poor economy, which is heavily reliant on imported raw material, analysts say.

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