November 27, 2022

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Canada industrial product prices 0.0% versus -0.5% estimate

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Canada industrial product prices 0.0% versus -0.5% estimate


Industrial product prices unchanged for June

Canada producer prices year on year soar
  • IPP came in unchanged versus -0.5% estimate. Last month the IPPI rose 3.1%
  • 15 of 21 major subcomponents for the IPPI rose. 5 were down and one was unchanged
  • the biggest influence was a decline in lumber and other wood products -6.8%. Ex lumber and wood products, and the IPPI would have risen 0.6%. 
  • YoY the IPPI is up 16.8%, an 11th consecutive advance. In May the year on year was +17%. The sharp rises largely a result of higher lumber and other wood products (+102.1%) and petroleum products (+53.4%) and nine ferrous metal products (+29.4%)
Raw material prices
  • Raw materials price index was up 3.9%, the ninth consecutive monthly increase. The expectations was 481.5% gain. Last month the RMPI rose 3.2%
  • of the six main commodity groups, four were up and one was down with one unchanged
  • the main contributor for RMPI where higher prices for conventional crude oil (+10.1%) and synthetic crude oil (+9.1%)
  • prices for crop products felt -3.1% mostly due to lower prices for canola (-7.6%)
  • prices for softwood logs and bolts rose +7.9% in June pulled up by higher prices for lumber. 
  • YoY the RMPI is up 38.1% do mostly to higher prices for crude energy products (+69.2%), canola (+74.6%) and live animals (+25.1%).

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