In October, Canada's industrial producer prices saw a 1.5% rise from the previous month, continuing a trend of increases for the fifth consecutive month. This follows an upward revision of a 1.0% gain in September. The most significant contribution to this rise stemmed from non-ferrous metal products, which surged by 9.8%. Notably, unwrought silver and silver alloys experienced a formidable increase of 17.2%, while unwrought gold and its alloys rose by 12.0%, driven by heightened safe-haven demand and limited supply that lifted precious metal prices. However, the overall increase was tempered by a 1.0% decline in energy and petroleum products, with finished motor gasoline decreasing by 4.6%. Food items such as fresh and frozen beef, veal, and poultry also showed considerable gains. Conversely, lumber and sawmill products increased by 4.3%, influenced by a 6.9% rise in softwood lumber prices due to operational constraints and pre-tariff purchasing activity. Compared to the previous year, producer prices rose by 6.0% in October, marking the 13th consecutive annual increase after a 3.7% rise in September.
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