Producer prices inch higher in May, the most in six months
Canadian producer prices rose by one per cent in May from April, the fifth consecutive increase, on higher prices for energy and petroleum products, Statistics Canada said on Friday.
According to Reuters, of the 21 major commodity groups, prices were up in 17, down in one, leaving three unchanged. The advance was the greatest since the 1.5 per cent jump seen in November 2017.
Energy and petroleum products prices posted a 4.0 per cent gain on higher prices and increased demand for crude oil. Prices for lumber climbed by 3.1 per cent on increased housing construction in the United States.
The three major metal commodity groups all posted gains, with fabricated metal products and construction materials rising by 1.9 per cent.
The raw materials price index rose by 3.8 per cent on higher prices for crude energy products.