Japan's producer prices hit record high in 2022

Japanese companies paid more for goods and services in 2022 than in any year on record. Higher costs for raw materials were a major factor driving prices up.

The Bank of Japan says the Producer Price Index for last year rose 9.7 percent from the year before, marking the biggest increase since comparable data became available in 1981.

The rise came after the index climbed 10.2 percent last month from a year earlier. The figure went up as prices for electricity, gas, steel and minerals soared.

The data indicates that companies were passing on the higher costs.