Industrial product prices in Canada surge by 2.8 percent in June yr/yr

(MENAFN) On Friday, Statistics Canada released figures indicating that the industrial product price index (IPPI) rose by 2.8 percent in June compared to the same month the previous year. This represents the third consecutive year-on-year increase for the month of June. Additionally, the annual figure for May was revised upward to show a 2.1 percent gain, an improvement from the initially reported increase of 1.8 percent.

The substantial year-on-year rise in June was primarily driven by notable increases in the prices of unwrought silver and silver alloys, which surged by 30.5 percent, and unwrought gold and gold alloys, which saw a 23.6 percent increase. These significant gains in the precious metals sector were the main contributors to the overall rise in the IPPI.

However, on a monthly basis, the IPPI for June remained unchanged from the previous month, falling short of market expectations, which had anticipated a 0.2 percent increase. The monthly IPPI figure for May was also revised upward to reflect a 0.2 percent gain, in contrast to the earlier reported no change.

The statement from Statistics Canada highlighted that prices for meat, fish, and dairy products were the largest contributors to the monthly IPPI in June. The index for these categories increased by 2.4 percent, marking its fourth consecutive month of rising prices. This ongoing trend underscores persistent inflationary pressures within the food sector, reflecting broader challenges in managing costs for essential goods.

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