Technical Analysis

Canada November producer price index -0.4% vs -0.4% expected

  • Prior was +2.4%
  • Producer prices y/y +9.7% vs +10.1% prior
  • Raw materials price index -0.8% vs -1.3% expected
  • Prior raw materials price index +1.3%
  • Prior y/y +9.0%

In Feb or March, the y/y numbers on these metrics are going to begin to turn negative and that’s going to be an interesting time for central banks. This month, a 2.7% decline in energy prices led the decrease while softwood lumber also contributed and was down 11.3% y/y.

Adding to upward pressure were nickel, copper and aluminum.

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