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Raw Materials Price Index climbs 3.1% in May
Jun '08
Petroleum prices increased substantially for a third consecutive month in May, driving up the indexes for manufactured goods and raw materials prices. However, if energy products were excluded, the price movement for both those indexes would have been negative.

From April to May, prices charged by manufacturers, as measured by the Industrial Product Price Index (IPPI), rose 0.6%, down from the 1.6% increase in April. May's increase was almost entirely attributable to petroleum products, which continued their upward climb with an increase of 8.2%, similar to the rate recorded in the previous two months.

On a 12-month-basis, the IPPI rose 2.4%, up from the 1.4% rise recorded in April. The strong increase in prices for petroleum products was partly offset.

The Canadian dollar rose 1.4% in relation to the US dollar in May, after falling 1.2% in April. The relative strength of the Canadian dollar against its US counterpart moderated the movement of industrial prices. If the exchange rate used to convert these prices had remained unchanged, the IPPI would have risen 1.0% compared with April instead of an increase of 0.6%.

On a 12-month basis, the Canadian dollar rose 8.7% compared with the US dollar, and excluding the effect of the exchange rate, the IPPI would have risen 4.8% rather than increasing 2.4%.

The Raw Materials Price Index (RMPI) continued its upward trend, but the 3.1% increase in May was the second consecutive month of deceleration, compared with the increases of 5.0% in April and 6.7% in March.

Statistics Canada

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