Canada July producer price index 0.0% m/m vs -0.3% expected

• Prior was 0.0%
• Prices y/y +2.9% vs +2.8% y/y

Raw materials price index:

• m/m % vs -1.4% prior
• y/y % vs +7.5% prior

In the PPI report, higher prices for energy and petroleum products (+2.0%) were offset by lower prices for lumber and other wood products (-3.4%). Excluding energy and petroleum products, it declined 0.2%.

I look at the inde

I noted yesterday how we're entering a period with oil prices down $10-$20 y/y. That will be a material drag on all inflation measures everywhere.