Japan’s wholesale prices fall

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    TOKYO- Japan’s wholesale prices fell at a slower pace in February for a third straight month, offering an encouraging sign a recent rebound in fuel costs and pick-up in domestic demand will ease deflationary pressures across the economy.

    The 0.7 percent year-on-year drop in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, follows a 1.5 percent annual decrease in January, Bank of Japan data showed on Thursday.

    Oil prices fell 6.3 percent in February from a year earlier, a much smaller drop than a 14.4 percent decline in January, reflecting global rises in commodity and fuel costs, the data showed.

    Steel and wood goods also rose last month thanks to a gradual recovery in domestic demand, a BOJ official told a briefing.