Highlights-Japan May wholesale prices hit 27-year high

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TOKYO, June 11 (Reuters) - Japanese wholesale prices jumped
4.7 percent in May from a year earlier, marking a 27-year high,
reflecting continued rises in crude oil and commodity prices.

Following are highlights of the data, based on a briefing by
a Bank of Japan official:

-- The 4.7 percent year-on-year increase was the highest
since a 5.7 percent rise in February 1981, when Japan was still
reeling from the aftermath of the second oil shock.

-- Wholesale prices, as measured by the corporate goods price
index (CGPI), also rose 1.1 percent in May from April. That was
the highest monthly growth since April 1980 (excluding price
rises caused by a consumption tax hike in 1989 and 1997).

-- The rise in crude oil prices contributed most to the
wholesale price increase by pushing up the cost of gasoline, fuel
oil and chemical products.

-- Petroleum and coal goods prices were up 27.8 percent in
May from a year earlier.

-- An end to a short-lived tax cut pushed up gasoline prices
by 26.7 percent in May from April.

-- Steel goods prices rose 17.7 percent from a year earlier,
reflecting sharp rises in iron ore. Rising steel costs pushed up
prices of some heavy machinery such as electric transformers.

-- Processed food prices rose 4.8 percent from a year earlier
reflecting higher commodity prices.

-- Of the total items that comprise the CGPI, 57.5 percent
rose from a year earlier. That was the highest ratio marked under
the current index using 2005 as the base year, signalling that
price rises were broadening.

-- Companies were generally passing on rising raw material
costs in prices of metal and plastic goods as well as electric
machinery, although it was uncertain whether that would spread
more to consumer prices, the BOJ official said.
(Reporting by Leika Kihara, Editing by Michael Watson)