Canadian producer prices fell 0.2 per cent in July from June on lower prices for primary non-ferrous metal products, Statistics Canada said on Friday.
It was the first decline for the agency’s industrial producer price index this year. It followed an upwardly revised 0.7 per cent gain in June.
According to Reuters, primary non-ferrous metal products fell 3.3 per cent, which was the largest decline since July 2017. A 0.5 per cent drop in chemicals and chemical products was also a drag on the index.
Of the 21 major commodity groups, prices were down in seven, up in 10, leaving four unchanged.
Over the 12 months ended in July, producer prices rose 6.6 per cent.
However, raw materials prices grew by 0.7 per cent in July, boosted by higher prices for crude energy prices. On the year, the raw materials price index was up 22.0 per cent.
(Reuters)
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