Canadian Industrial Product and Raw Materials Price Indices for June
Industrial product and raw materials price indexes, June 2024
On Friday, Statistics Canada (StatCan) released the Industrial Product and Raw Materials Price Indices data for June.
Industrial Product Price Index
The Industrial Product Index (IPPI) was unchanged month-over-month in June, following a 0.2% increase in May.
Prices for pulp and paper products increased 1.7% on a monthly basis in June, mainly due to higher prices for wood pulp—up 2.9%. Wood pulp supply has been tight recently, contributing to higher prices for the third consecutive month. Lately, increased shipping costs have limited pulp and paper product exports from Asia to North American and European markets, holding down supply further.
The IPPI was 2.8% higher year-over-year, the third straight annual increase.
Raw Materials Price Index
The Raw Materials Price Index (RMPI) declined 1.4% month-over-month in June, following a 1.5% decline in May. Prices for crude energy products, down 1.2%, were the largest driver of the RMPI’s monthly decline, falling for the second month in a row.
The RMPI rose 7.5% year-over-year, the fourth consecutive annual increase. A base effect is largely behind the notable increase, as the RMPI fell 5.4% month-over-month in May 2023, followed by a monthly decline of 2.0% in June 2023.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.