Canada PPI y/y
- Prior was +1.1%
- Monthly PPI +0.6% vs +1.2% prior
- Raw materials price index +2.0% vs -2.8% y/y prior
- Raw materials price index -0.5% vs +3.8% m/m prior (revised to -2.6%)
The falling Canadian dollar is a big reason why this report as been climbing in the past two months as most commodities are priced in USD. These are the seeds of currency-driven inflation, though given the weakness in the Canadian economy, this isn't the kind of thing that causes a wage-price spiral.
Some drivers:
- Prices for lumber and other wood products (+5.7%) posted the largest month-over-month increase since March 2022
- Energy and petroleum products rose 1.1% in November
- Prices for motorized and recreational vehicles rose 0.7% month over month in November
- The largest upward contributor to November's year-over-year increase was unwrought gold, silver, and platinum group metals, and their alloys (+32.5%)