Canada’s Industrial Product Price Index Increases Month-Over-Month and Year-Over-Year in September

Statistics Canada (StatsCan) reported today (10-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.0% month-over-month in September and 14.9% year-over-year.

Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 2.5% month over month in September and 31.9% year-over-year.

In September, the IPPI increased 1.0% after decreasing -0.3% the previous month. Of the 21 major commodity groups, 14 were up, 5 were down, and 2 were unchanged. The growth in the IPPI was mainly attributable to increases in prices for energy and petroleum products (+3.8%).

The IPPI’s growth was mainly moderated by a decline in prices for lumber and other wood products (-1.3%). Lower prices for veneer and plywood (-10.3%), softwood lumber (-0.7%), and reconstituted wood products (-1.7%) were the main contributors to the decline in this product group.

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Original Source:
Industrial product and raw materials price indexes, September 2021