Canada April producer price index +1.5% vs +0.8% prior

• Prior was +0.8% (revised to +0.9%)
• Prices +1.4% y/y vs -0.5% prior
• Raw materials price index +5.5% m/m vs +4.3% prior
• Raw materials +3.1% y/y vs +0.4% prior

These are some big jumps for manufacturers. Prices for primary non-ferrous metal products rose 8.3% month over month in April, the largest monthly increase since March 2022. Industrial metals also rose with copper prices up 10.3%.

A big driver was energy with gasoline prices up 6.7% in the month. The BOC will look past some of that as prices have retreated somewhat in May.

This article was written by Adam Button at www.forexlive.com.