Forex▲ Bullish
Canada Producer Prices Jump 0.6% in July, Smashing Forecasts
Canadian PPI surged 0.6% in July, sharply beating the -0.5% consensus forecast and reversing June's 1.4% decline. The data arrives weeks before the Bank of Canada's next rate decision, complicating the case for further easing as swaps price a 40% chance of a September cut.
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Canadian producer prices rose sharply in July, posting a 0.6% month-over-month gain against expectations for a 0.5% decline, Statistics Canada said Thursday.
The reading marks a sharp reversal from June's 1.4% drop. On a year-over-year basis, the producer price index held at 12.4%, matching the prior month's pace.
The raw materials price index, a separate measure tracking the cost of crude inputs, fell 2.2% month-over-month. That was a smaller decline than the 6.9% drop economists had forecast. Year-over-year, raw material costs rose 18.1%, down from 20.7% in June.