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June 12, 2020CANADA 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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