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Non-Energy Product Prices Continue Tapping Out Increases

CANADA DATA
  • Industrial product price inflation followed both US PPI and non-oil import prices in coming in stronger than expected in January, rising 0.4% M/M (cons -0.1%) after -1.1%, despite raw material prices edging lower.
  • Within the details, ex-energy product prices increased another +0.4% M/M after +0.5% M/M in Dec, close to the monthly average since September having pulled back from sizeable declines in the summer.
  • Direct implications from a similar M/M reading for ex-energy prices are likely limited for Tuesday’s CPI print, with core CPI readings moderating in recent months but still hovering above rates consistent with the 2% target.

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