Canada’s Industrial Producer Price Index (IPPI) rose by 16.4pc in May from the same month last year and grew by 2.7pc from the prior month, according to Statistics Canada (StatCan). The country’s Raw Material Price Index (RMPI) increased by 40.1pc in May on an annual basis and by 3.2pc on a monthly basis.
The country’s IPPI for primary ferrous metal products grew by 24.1pc in May from the same month last year and by 2.2pc from the previous month. IPPI for primary non-ferrous metal products tripled in May compared to the same month last year and rose by 3.4pc from April.
Canada’s IPPI for fabricated metal products and construction materials grew by 15pc in May on an annual basis and by 2.4pc from April, StatCan reported. On the other hand, IPPI for motorized and recreational vehicles declined by 4pc in May from the same month in 2020 and was down by 1pc from April.
The country’s RMPI for non-metallic mineral products grew by 6.1pc in May on an annual basis but fell by 0.5pc from the previous month. The RMPI for metal ores and concentrate scrap increased by 27pc and by 4.7pc, respectively, during the same timeframes under review.
StatCan also reported that Canada’s Monthly Gross Domestic Product (GDP) for April rose by 20pc to C$1.9tn from April 2020 but dropped by 0.3pc from March 2021.
The GDP for manufacturing increased by 32.7pc in April from the same month in 2020 and fell by 1pc from March while GDP for the mining industry rose by 13.2pc and by 1.4pc in the same time periods. Canada’s industrial production GDP increased by 20.9pc in April on an annual basis but dropped by 0.3pc on a monthly basis.