Canada: The Industrial Product Price Index (IPPI) rose 0.6% in April

"The Industrial Product Price Index (IPPI) rose 0.6% in April, mainly due to higher prices for energy and petroleum products. The Raw Materials Price Index (RMPI) increased 1.6%, mainly as a result of higher prices for crude energy products," said the Statistics Canada on Tuesday.

Key highlights:

• The growth in the IPPI was mostly attributable to higher prices for energy and petroleum products (+2.9%). The gain in this commodity group was mainly due to higher prices for motor gasoline (+5.8%), which posted its largest increase since December 2016
• The increase in the IPPI was primarily moderated by lower prices for chemicals and chemical products (-0.3%), which posted their first monthly decrease since August 2016
• Compared with April 2016, the increase in the IPPI was largely due to higher prices for energy and petroleum products (+20.8%), which posted a fifth consecutive year-over-year increase