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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

June 12, 2020
CANADA INDUSTRIAL PRODUCT PRICES, MAY 2020 (FLASH)

During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly changing economic situation.  The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year.  Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January  and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.

Overall Canadian industrial product prices increased 1.2% from May 2020 vs Apr 2020, and are down 1.0% from May 2020 vs Mar 2020 and are down 2.5% over May 2020 vs Feb 2020. Excluding energy and petroleum products, industrial product prices are up 0.8% from May 2020 vs Apr 2020, and are up 0.8% from May 2020 vs Mar 2020 and are up 1.9% from May 2020 vs Feb 2020.

 

Declining industrial products are largely attributable to reductions in the prices of energy and petroleum products, which are  up 6.4% from  May 2020 vs Apr 2020, and  are down 16.9% from  May 2020 vs Mar 2020 and  are down 32.0% from  May 2020 vs Feb 2019.

 

Month-over-month prices for the majority of  non-energy industrial products (11 of 21) were  up or unchanged from May 2020 vs Apr 2020. In May 2020 vs Feb 2020, most non-energy industrial product prices (18 of 21) are up with the exceptions of chemicals/chemical products  and Furniture and fixtures. The fastest price growth was observed for  meat/fish/dairy products .

Year-over-year (May 2020 vs May 2019), most non-energy industrial product prices are (14 of 21) up with the exceptions of

  • Chemicals and chemical  and Plastic and rubber
  • Pulp and paper
  • Primary ferrous metal
  • Fabricated metal/construction materials and
  • Packaging materials/containers

 

Source: Industrial Product Price Index: Flash estimates, May 2020

 

Source: Industrial Product Price Index: Flash estimates, April 2020



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