- Previous month 1.5% was revised to 1.4%
- Producer prices rose monthly by 0.0% versus expectations of 0.5%.
- Year-on-year producer prices rose 1.8% versus 1.4% last month and were revised to 1.3%. This was the largest year-on-year increase since January 2023.
- Raw material prices on a monthly basis -1.0% compared to 5.5% last month and was revised to 5.3%. Excluding accumulated energy products, the Consumer Price Index rose 2.4%.
- Raw material prices increased year-on-year by 7.6% compared to 3.1% last month and were revised to 2.9%.
The producer price index was unchanged after four consecutive months of increases.
details:
- Energy and petroleum product prices -3.9% (first decline after three month-to-month increases. Declines were due to lower crude oil prices
- Wood and other wood products -4.9%. Softwood lumber prices fell -10.2%, the largest decline since June 2022
- Non-ferrous primary metal products +4.3%
- Meat, fish and dairy products +1.6%
- Raw energy products fell -6.4% in May for their first decline since December 2023.
The significant increase in RMPI year-on-year is partly explained by base effects. May 2023 showed a huge decline of -5.4% taking it out of the equation for the month.
Excluding energy and petroleum products, the index rose by 0.5%.
There's a little something for everyone in this report. The USD/CAD pair is trading up and down above the 200-bar moving average on the 4-hour chart at 1.3685 (currently at 1.3695).