Canada Industrial Prices Fall in May

Canadian industrial product prices unexpectedly fell in May, due largely to cheaper energy and a stronger currency, while prices for raw materials fell by more than predicted in May, principally because of cheaper animals.

Statistics Canada reported on Friday that factory prices were 0.5 percent lower in May than in April, after a 0.2 percent drop in April. They were 3.4 percent higher from May 2013. The raw materials price index fell 0.4 percent on the month, the first decline since November, but rose 7.6 percent on the year.

The median forecasts in a Reuters survey of economists was for no change in product prices from the month before, and a 3.8 percent increase on the year; and a 0.1 percent monthly fall in raw materials prices and a 7.5 percent rise on the year.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza