- Prior month -0.5%
- PPI (IPPI) MOM 0.4% versus -0.1% estimate
- PPI YoY or .7% versus 1.2% last month
- Raw material prices MoM2.7% versus -0.7% prior (was -0.4%)
- Raw material prices YoY or .1% versus -3.2% last month (was -2.8%).
Details from StatCan
IPPI rose 0.4% MoM in June.
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Primary non-ferrous metal products rose +2.8%, driven by:
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Unwrought gold, silver, and platinum group metals and alloys +5.9%
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Unwrought platinum group metals and alloys +15.6% (largest MoM rise since Sept 2012)
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Unwrought silver and silver alloys +8.4%
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Boosted by tight platinum supply and rising jewelry demand
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Meat, fish and dairy products increased +2.2%, led by:
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Fresh/frozen chicken +6.7%
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Fresh/frozen beef and veal +2.2%
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Driven by seasonal summer demand and tight supply
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Energy and petroleum products rose +1.1%, ending a 3-month decline streak:
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Diesel fuel +3.6%, driven by crude oil +8.2%
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Gasoline prices fell -2.0% due to resumed US refinery operations
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Fruit, vegetables, feed and other food products up +1.2%, led by:
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Canola/rapeseed oil +7.1%
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Soybean oil +17.0%
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Canola prices pushed higher by tight domestic supply and crop shifts
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Offsetting declines in:
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Primary ferrous metal products -2.4%
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Electrical, electronic, AV & telecom products -1.7%
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Motorized and recreational vehicles -0.3%
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- RMPI Increase: The RMPI rose 2.7% month-over-month in June, largely driven by a 6.8% surge in crude energy products. Excluding crude energy, the RMPI increased 0.8%.
- Crude Energy Drivers:
- Conventional crude oil prices jumped 8.2% due to geopolitical tensions in the Middle East.
- Synthetic crude oil prices rose 6.4% on similar grounds.
- Despite easing tensions and expected production increases from OPEC+, prices remained higher than May.
- Metal Ores and Scrap: Prices increased 1.4%, mainly due to a 10.3% rise in silver ores and concentrates, driven by industrial demand, supply deficits, and safe-haven investments amid US tariff concerns.
- Animals and Animal Products: Prices grew 2.0%, the largest monthly increase since April 2024, driven by ¹:
- Hogs: 7.9% increase due to strong domestic demand and a 24% year-over-year rise in pork exports.
- Cattle and calves: 1.8% increase.
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This article was written by Greg Michalowski at investinglive.com.
