Canada's industrial prices rise 1.8% in May, highest gain in 15 months

Unwrought silver, copper, gold and their alloys contribute to annual increase, says Statistics Canada

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) annually rose 1.8% in May, marking the biggest year-on-year increase since January 2023, according to figures released Friday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, was expected to show a 1.4% increase.

The annual figure for April was revised down to a gain of 1.3%, from an increase of 1.4%.

"Several metals were the main contributors to the IPPI's year-over-year increase in May 2024," Statistics Canada said in a statement.

Unwrought silver and silver alloys annually jumped 23.1% in May, while unwrought copper and copper alloys soared 24.6%, and unwrought gold and gold alloys increased 19.3% year-on-year, it added.

On a monthly basis, however, IPPI remained unchanged in May compared to the previous month, coming lower than market expectations of a 0.4% increase.

The monthly IPPI figure for April was revised down to a gain of 1.4%, from a rise of 1.5%.

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