- Prior -1.8%
- PPI YoY -3.5% versus -2.2% last month revised
- PPI MoM -0.2% versus -0.1% last month (revised from a +0.1%)
- Raw material price index MoM 2.9% versus -0.9% last month (revised from -1.7%)
- Raw material price index MoM -10.8% versus -15.1% last month (revised from -16.5% last month).
Highlights from the report:
- Energy and petroleum product prices saw a decrease of 2.1% compared to March 2023, marking a third consecutive monthly decline. Year over year, these prices were down by a notable 20.5%. Despite an increase in the price of conventional crude oil , prices for diesel fuel, jet fuel, and light fuel oils fell, while finished motor gasoline prices rose due to higher seasonal demand and reduced US gasoline inventories.
- The softwood lumber price also continued its downward trend, posting a 4.7% decrease in April, following a 7.4% decrease the previous month. This has been attributed to a cooling housing market in both the US and Canada due to rising interest rates, with US housing starts down 22.3% compared to April 2022.
- Chemicals and chemical products saw a decrease in prices by 1.0% month over month and were 7.6% lower than the previous year. Notably, the price of ammonia and chemical fertilizers fell substantially, down 39.8% year over year, which was partially attributed to lower natural gas prices.
- In contrast, the prices for primary non-ferrous metal products increased by 1.8% in April 2023. Specifically, prices for unwrought silver and silver alloys, as well as gold and gold alloys, rose on a monthly basis. The increase was partly due to investors turning to these safe-haven metals amidst a pessimistic economic outlook. On the other hand, prices for some industrial metals, such as unwrought aluminum and aluminum alloys, as well as copper and copper alloys, fell due to contracting Chinese manufacturing activity.
- Turning to the Raw Materials Price Index (RMPI), it increased by 2.9% on a monthly basis in April 2023 but fell 10.8% year over year. Prices for crude energy products saw a notable increase, mainly due to higher prices for conventional crude oil. Prices for crop products, however, declined, largely driven by lower prices for canola and other crop products. This is in line with a downward trend in crop product pricing since June 2022, driven by ongoing ample supply.