HomeBlogUncategorizedCanada PPI for June 0.4% versus -0.1% estimate

Canada PPI for June 0.4% versus -0.1% estimate

Prior month -0.5%PPI (IPPI) MOM 0.4% versus -0.1% estimatePPI YoY or .7% versus 1.2% last monthRaw material prices MoM2.7% versus -0.7% prior (was -0.4%)Raw material prices YoY or .1% versus -3.2% last month (was -2.8%).

Details from StatCan

IPPI rose 0.4% MoM in June.

Primary non-ferrous metal products rose +2.8%, driven by:

Unwrought gold, silver, and platinum group metals and alloys +5.9%

Unwrought platinum group metals and alloys +15.6% (largest MoM rise since Sept 2012)

Unwrought silver and silver alloys +8.4%

Boosted by tight platinum supply and rising jewelry demand

Meat, fish and dairy products increased +2.2%, led by:

Fresh/frozen chicken +6.7%

Fresh/frozen beef and veal +2.2%

Driven by seasonal summer demand and tight supply

Energy and petroleum products rose +1.1%, ending a 3-month decline streak:

Diesel fuel +3.6%, driven by crude oil +8.2%

Gasoline prices fell -2.0% due to resumed US refinery operations

Fruit, vegetables, feed and other food products up +1.2%, led by:

Canola/rapeseed oil +7.1%

Soybean oil +17.0%

Canola prices pushed higher by tight domestic supply and crop shifts

Offsetting declines in:

Primary ferrous metal products -2.4%

Electrical, electronic, AV & telecom products -1.7%

Motorized and recreational vehicles -0.3%

RMPI Increase: The RMPI rose 2.7% month-over-month in June, largely driven by a 6.8% surge in crude energy products. Excluding crude energy, the RMPI increased 0.8%.Crude Energy Drivers:Conventional crude oil prices jumped 8.2% due to geopolitical tensions in the Middle East.Synthetic crude oil prices rose 6.4% on similar grounds.Despite easing tensions and expected production increases from OPEC+, prices remained higher than May.Metal Ores and Scrap: Prices increased 1.4%, mainly due to a 10.3% rise in silver ores and concentrates, driven by industrial demand, supply deficits, and safe-haven investments amid US tariff concerns.Animals and Animal Products: Prices grew 2.0%, the largest monthly increase since April 2024, driven by ¹:Hogs: 7.9% increase due to strong domestic demand and a 24% year-over-year rise in pork exports.Cattle and calves: 1.8% increase.

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This article was written by Greg Michalowski at investinglive.com.


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