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Canada May industrial prices rise as coronavirus closures drive up meat costs: flash estimate

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06/12/2020 | 09:52am EDT

Producer prices in Canada gained 1.2 percent in May from April, the first increase recorded this year, led by strong gains in meat prices caused as COVID-19 closed down packing plants, according to a flash estimate on Friday.

Overall prices for meat products rose 12.6%, but within that category fresh and frozen pork posted its largest every monthly gain of 30.4%, Statistics Canada said. Producer prices fell 4.8%from a year earlier.

"Meat plants across Canada and the United States were affected by COVID-19, resulting in closures or reduced

production capacity. This led to reduced market supply in May, and therefore higher prices," Statscan said.

(Reporting by Steve Scherer; Editing by Chizu Nomiyama)

Stocks mentioned in the article
ChangeLast1st jan.
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.09% 145 End-of-day quote.-0.45%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.02% 103.05 End-of-day quote.-17.38%
RISE, INC. 0.00% 26 End-of-day quote.-13.33%
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