MNI BRIEF: Canada Ivey PMI Price Measure at Record High

Canada's Ivey PMI for October showed a record high measure of price gains on Friday, adding to evidence inflation is running hotter than the central bank expected.

The price index rose to 84.6 from 79.1 in September and 69.7 in August, according to the report from Western University's business school. The Ivey data goes back to 2000, and the new record tops the peak of 82.8 set in January 2021 and several months around 81 in 2008 around the last recession. The survey showed 71% saying prices were higher, 26% saying they were flat and 3% seeing reductions.

The headline Ivey index fell to 59.3 from 70.4, and other measures also pointed to supply bottlenecks that have boosted global inflation. The inventory measure fell to 55.0 from 57.7 and the deliveries index fell to 27.5, the lowest since April 2020. Figures less than 50 signal a decrease in activity.