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Mixed Industrial & Raw Material Prices In April

CANADA DATA
  • The IPPI surprisingly fell -0.2% M/M (cons +0.1%) in April after a downward revised -0.1% M/M (initial +0.1%), with the largest drag from energy & petroleum products. It left the year-ago rate at -3.5% Y/Y.
  • IPPI ex energy/petroleum products meanwhile fell -0.1% M/M after +0.4% M/M for -1% Y/Y.
  • On the flipside, the more volatile raw materials price index surprisingly jumped 2.9% M/M (cons 0.7%) on higher conventional crude prices after -1.7% M/M. Prices were still down -10.8% Y/Y.
  • Sticking with the IPPI ex energy/petroleum series, the trend remains subdued (3-mth and 6-mth averages both 0.1% M/M), but there hasn’t been any sign of it feeding through to core CPI in recent months.
  • Market reaction: GoC yields have continued to push a few bps higher but partly with a move in Tsys (2Y GoC now +12.5bps), whilst USDCAD for now holds a prior intraday dip to 1.351-1.3515 with CAD outperforming peers.

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