Canada producer prices rise 1.1% annually in October

Canada’s producer prices returned to annual growth in October, with the monthly increase reaching its highest level since April, according to data released Thursday.

Canada producer prices rise 1.1% annually in October

Statistics Canada reported that producer prices rose 1.1% year-over-year in October, reversing a 0.9% decline in September. On a monthly basis, prices increased by 1.2%, following a 1.1% rise in September. The October monthly growth marked the largest since a 1.6% increase recorded in April.

Annual figures breakdown

"The prices of primary non-ferrous metal products jumped 5.5% month-over-month in October, driving the rise in the industrial producer price index," StatCan noted. "This was largely due to higher prices for unwrought gold, silver, platinum group metals, and their alloys, which rose 7.6%. Precious metal prices were bolstered by several factors, including conflict in the Middle East, uncertainty surrounding the U.S. election, and interest rate cuts by central banks," the agency explained.