Chile Producer Inflation at 10-Year High
Producer prices in Chile soared 17.5 percent over a year earlier in February of 2021, following a 12.2 percent rise in the previous month. It was the highest producer inflation since July of 2011, mainly due to a surge in prices for mining & quarrying (33.5 percent vs 23.1 percent in January), namely copper extraction (34.7 percent vs 23.4 percent). Cost also increased for manufacturing (3 percent vs 2.9 percent), with main upward pressure coming from meat processing and preservation (9.1 percent vs 11.5 percent). Meanwhile prices of utilities fell at a slower pace (-1 percent vs -3.7 percent). On a monthly basis, producer prices went up 3.5 percent, after increasing 1.1 percent in the previous month.
Canada Manufacturing Sales Shrink in February
Canada’s manufacturing sales fell 1 percent from a month earlier in February of 2021, following a 3.1 percent rise in the previous month, a flash estimate showed. It is the strongest decrease in manufacturing sales since last August, amid lower sales in the transportation equipment industry.
US Durable Goods Orders Unexpectedly Fall
New orders for US manufactured durable goods unexpectedly sank 1.1 percent month-over-month in February of 2021, compared to market forecasts of a 0.8 percent increase. It is the first decline in durable goods order in ten months, mainly due to a 1.6 percent drop in transportation, namely motor vehicles (-8.7 percent) . Other declines were also seen in orders for computers and electronic products (-1.9 percent), fabricated metals (-0.9 percent), communication equipment (-0.8 percent), machinery (-0.6 percent) and primary metals (-0.5 percent). Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.8 percent, reversing from a 0.6 percent gain in January. Excluding transportation, new orders decreased 0.9 percent and excluding defense, new orders fell 0.7 percent.