Canada’s industrial producer prices rose 0.6% in July from June, reversing a 1.4% decline in the prior month, Statistics Canada data showed. The monthly increase was driven primarily by higher prices for energy and petroleum products, as well as primary non-ferrous metals.
Annual industrial prices climbed 12.4% in July, matching the 12.4% year-over-year gain recorded in June. Excluding energy and petroleum products, industrial prices fell 0.2% on the month but remained 8.8% higher than a year earlier.
Raw material prices fell 2.2% month-over-month in July, following a 6.7% drop in June. On an annual basis, raw material prices were up 18.1%, though excluding crude energy, they rose 16.7% year-over-year. The monthly decline in raw material prices was led by lower crude energy costs.
The data follows a rise in Canada’s annual consumer inflation to 3% in July, largely attributed to higher gasoline prices. Underlying inflation measures showed relative stability, according to separate figures.
The report, released by Statistics Canada on Thursday, reflects continued volatility in energy-linked components of the producer price index.
