Canada: Raw Materials Price Index surges by 16.4% in May
|- Raw Materials Price Index in Canada rose more than expected in May.
- USD/CAD trades with modest daily losses near 1.3670.
"Prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 16.4%, mainly on higher crude oil prices," Statistics Canada reported on Monday.
This reading followed April's decline of 13.4% and surpassed the market expectation for a fall of 7.5% by a wide margin.
Further details of the publication revealed that the Industrial Product Price Index (IPPI) rose by 1.2% in the same period.
Market reaction
The USD/CAD pair edged slightly higher after these figures and was last seen trading at 1.3672, losing 0.12% on the day.
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