Canada August PPI +10.6% vs. +11.9% y/y before

  • Before was +11.9%
  • Price m/m -1.2% vs -2.1% before
  • Commodity price index +17.9% vs. +19.1% year-on-year
  • Commodity price index -4.2% m/m vs -7.4% before

It will take a long time for these numbers to normalize, but it is three consecutive negative months that are fueling the PPI. I see no reason September shouldn’t be different. The year-over-year numbers are always stunning, but in January we will start to overtake the high competitors and there will be rapid improvement.


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