Canada: Industrial Product Price Index declined 0.2% in May, due to lower prices for energy

"The Industrial Product Price Index (IPPI) declined 0.2% in May, mainly due to lower prices for energy and petroleum products. The Raw Materials Price Index (RMPI) fell 1.8%, primarily due to lower prices for crude energy products," announced the Statistics Canada on Friday.

Key highlights:

• The IPPI declined 0.2% in May, after rising 0.6% in April. This was the first decline in the IPPI since August 2016. Of the 21 major commodity groups, 3 were down, 17 were up and 1 was unchanged
• The decline in the IPPI was mainly due to lower prices for energy and petroleum products (-3.5%). Motor gasoline (-3.3%), light fuel oils (-6.9%) and diesel fuel (-5.6%) were the main contributors to the decline in this product group
• The year-over-year increase in the IPPI was largely attributable to higher prices for energy and petroleum products (+8.9%)