I would like to understand more about Price elasticity, especially Base price elasticity. I would like to know what would be the impact of price change on a longer term. At this moment, we do understand the overall price elasticity, which will also include promotional price. If anyone know how to calculate the base price elasticity help me understanding the topic?
Japan's wholesale prices fell 0.4 percent in March from a year earlier, as the global spread of COVID-19 weighed on a wide range of economic activities, the Bank of Japan said Friday. The prices of goods traded among companies marked the first decline in five months, as a recent fall in crude oil prices also had a negative effect on prices in Japan. They climbed 0.8 percent in February. By item, prices for oil and coal products plunged 10.3 percent, reflecting a price war in oil markets between Russia and Saudi Arabia in the reporting month, while demand for oil products plummeted due to the worldwide spread of the coronavirus. Prices for nonferrous metal products dropped 7.6 percent while scrap and waste prices dived 29.6 percent due to slowing demand on the back of the coronavirus pandemic.
The Labor Department said Tuesday that consumer prices increased 0.3 percent last month. Much of that rise stemmed from energy, housing and prescription drugs. Energy costs surged 2.9 percent in September as oil and gasoline prices rebounded from recent lows. Previous price declines still mean that gas costs 6.4 percent less than a year ago.
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