Canada IPPI for March +4.0% versus +2.6% last month (revised from 3.1%)

Canada IPPI data for March 2022 showed a gain of 4.0%.

• Prior month revised lower to 2.6% from 3.1%
• Canada IPPI year on year 18.5% versus 15.8% last month (revised from 16.4%)
• Raw material price index (RMPI) 11.8% MoM versus 6.4% last month
• Raw material prices YoY 42.7% versus 30.3% last month revised from 29.8%

I took a double take on the raw material price index increase of 42.7%YoY and 11.8% month on month. The industrial product price rises also under hefty. Russia/Ukraine war sent price is surging in the commodity sector

• The large gain in IPPI was the largest monthly gain since the series began in January 1956.
• The gain in IPPI was largely driven by refined petroleum products (+18.8% MoM). The gain was the largest on record (going back to January 2010). YoY the prices are up 65.7%.
• Non-ferrous metal products rose 9.2% (includes unwrought gold, silver, and platinum). Softwoods increase by 8.0% for the six consecutive monthly increase.
• The year on year gain was the biggest since December 1974
• For the raw material price index the gains were driven mainly by higher price for conventional crude oil. Excluding crude energy products the RMPI rose 6.8% monthly
• crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term was up 20.2% in March which is the largest monthly gain since June 2020
• year-over-year conventional crude oil prices rose 80.0%
• crop products were up 14.0% month over month and are up 47.3% year-over-year with canola up 29.5% and 69.4% year on year. We also increase by 12.8% and 63.8% as Russia and Ukraine war increases that commodities Commodities Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Read this Term price.

The gains will keep the Bank of Canada on a tightening path in an attempt to slow down growth/demand, although central bankers are fighting inflation were caused partly/largely by the Russian/Ukraine war which has increased energy and other commodity prices.