Industrial product price index in Canada records 1.8 percent annual rise last month
Date
6/23/2024 5:36:05 AM
(MENAFN) Canada's Industrial Product Price Index (IPPI) recorded a significant annual increase of 1.8 percent in May, marking its largest year-on-year rise since January 2023, according to data released on Friday. The index, which measures the price changes of goods manufactured domestically and sold by manufacturers, surpassed expectations of a 1.4 percent increase. April's annual figure was revised downward to a gain of 1.3 percent from the previously reported 1.4 percent.
Statistics Canada noted that the notable contributors to the IPPI's year-over-year growth in May were primarily metals. Unwrought silver and silver alloys surged by 23.1 percent, while unwrought copper and copper alloys saw a sharp increase of 24.6 percent. Additionally, unwrought gold and gold alloys rose by 19.3 percent compared to the same period last year.
Despite the robust annual performance, the monthly change in the IPPI remained flat in May compared to April, falling short of market expectations of a 0.4 percent increase. April's monthly figure was also revised downward slightly to a gain of 1.4 percent from the previously reported 1.5 percent.
The data underscores the influence of metal prices on Canada's industrial sector, reflecting both global demand patterns and supply dynamics. The strong annual growth in the IPPI signals ongoing inflationary pressures within the manufacturing sector, driven particularly by significant price increases in precious and base metals. As Canada navigates these economic indicators, monitoring future developments in industrial pricing will be crucial in understanding broader economic trends and potential impacts on consumer prices and production costs.
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