- Prior was +1.3% m/m
- Prices y/y +18.1% vs +16.7% prior
- Raw materials price index -1.0% m/m vs +4.8% prior
- Raw materials y/y +36.2% vs +38.4% prior
These are obviously problematic numbers and even if many of these inputs fall, these prices are going to be pushed through the supply chain. A company can absorb a 10% price rise for a time but no one is eating 36.2% y/y input cost rises.
We're seeing how prices are filtering through into petrochemical products with fertilizers up 10.5% m/m and 132% y/y.
There was also a slight push from the loonie, which fell 1.1% in November against the US dollar.
What might be especially worrisome is that Oct-Nov looks like it might have been a trough for some commodity prices, including lumber, LNG and coal.