Scotiabank’s Commodity Price Index slumped by 0.1% month over month in August. But the bank’s All Items Index has edged up so far this year by 1.2%, largely reflecting a 0.4% month-over-month rebound in its Oil & Gas Index over December 2012 levels. That’s because there’s been a strong cyclical recovery in building material prices.
“Slight gains in Alberta light and heavy crude oil, and a big increase in propane prices at both Edmonton and Sarnia offset softer natural gas export prices,” says Patricia Mohr, Scotiabank’s vice president of economics and commodity market specialist. (Press Release)