| Scotiabank's Commodity Price Index, which measures price trends in 32 of Canada's major exports, rose by 1.2 per cent month-over-month in June, rising to a new record high for the sixth consecutive month. The All Items Index is now 212.6 per cent above the cyclical low in October 2001.
The Oil & Gas Index led the way in June, surging five percent month-over-month and 71.7 per cent year-over-year. The strength in energy prices was broad-based, but led by light crude oil and natural gas export prices. West Texas Intermediate (WTI) oil rose from US$125 per barrel in May to US$134 in June and surged to an all-time record high of US$147.90 on July 11 amid tight supplies and Middle East tensions surrounding Iran's uranium enrichment policy.Full press release Source |