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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- Industrial product inflation cooled faster than expected in July with -2.1% M/M (cons. -0.8%) after -1.1%, further pushing down the year-ago rate to 11.9% Y/Y having peaked at 18.1% in March.
- The monthly decline was led by energy & petroleum products sliding -11.6% M/M but prices still fell -0.4% M/M when stripping this out, with Y/Y inflation also further cooling to 7.0% Y/Y and below headline CPI inflation for the second month running.
- A few of these non-oil items stand out: primary non-ferrous metal products fell -8.9% M/M in a fourth consecutive decline and the first Y/Y drop since Jul’19 at -4.2% along with monthly falls for a variety of industrial metals, whilst cement & glass prices jumped 5.3% M/M – the fastest since Jan’82 – for 12.3% Y/Y.
- CPI inflation has increasingly been supported by the continued rotation back towards services, in part evidenced by the surge in core-common inflation even if revisions lead us to question the reliability of the data, but the IPPI data point to a further cooling of good price pressures which could provide welcome relief to the BoC, albeit limited whilst core CPI still runs at +0.5% M/M on a SA monthly basis.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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