- The previous rate was +1.1%
- Monthly PPI +0.6% against +1.2% on the previous day
- Commodity price index +2.0% vs -2.8% y/y previously
- Commodity price index -0.5% vs +3.8% m/m previously (revised to -2.6%)
The falling Canadian dollar is a big reason why this report has been climbing in the last two months as most goods are priced in USD. These are the seeds of money-driven inflation, but given the weakness of the Canadian economy, this is not the kind of thing that will cause wage-price spirals.
Some drivers:
- Prices for wood and other wood products (+5.7%) posted the biggest month-on-month increase since March 2022
- Energy and petroleum products rose 1.1% in November
- Prices for motor and recreational vehicles rose 0.7% month-on-month in November
- The largest contributor to the year-over-year increase in November was gold, silver, and platinum group metals, and their alloys (+32.5%).
This article was written by Adam Button at www.forexlive.com.
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