Canadian manufacturers in May received lower prices for their products for the first time in 10 months, led by metals, and their raw material costs also declined.
The industrial product price index fell 0.2% during the month, Statistics Canada said today in Ottawa. Primary metal prices fell 2.8%. Economists forecast prices would be unchanged, according to the median estimate of a Bloomberg survey of 13 economists.
The raw-materials price index fell 5.2% in May, the first decrease in eight months, led by crude oil, the report said. That decline exceeded all Bloomberg estimates in a survey with a median prediction of a 3% decrease.
Over the 12 months ending in May, industrial prices rose 4.5% while raw-materials costs rose 25.4%, suggesting factory profit margins were squeezed.
