Canada’s Producer Prices Gain in November

By: Tomas Ronolski - AllPennyStocks.com News

Friday, December 27, 2024

Canadian producer prices rose 0.6 percent in November and 2.2 percent year over year. The industrial product price index (IPPI) was fueled by a 1.6 percent depreciation of the Canadian dollar against the U.S. dollar and higher prices for lumber, wood products, energy, and petroleum products. This follows a 1.2 percent increase in October. The IPPI tracks the prices manufacturers receive for their goods when they leave the factory, not the final prices consumers pay.

The CAD-USD exchange rate influences prices as certain products in the IPPI are reported in U.S. dollars. Prices for lumber and other wood products led the IPPI's monthly increase, which was driven by prices for softwood lumber. Conversely, prices for primary non-ferrous metal products fell, including unwrought gold, silver and platinum group metals, and their alloys.

Prices for raw materials, which are the prices paid by manufacturers, fell 0.5 percent in November, primarily due to lower crude oil prices, but were still 2.0 percent higher year-over-year. Prices for animals, animal products, and crops increased.

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