Canadian Industrial Product and Raw Materials Price Indexes Both Decline in December
Industrial product and raw materials price indexes, December 2023
Statistics Canada (StatCan) reported on Wednesday (1-17-24) that the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 1.5% month-over-month and were 2.7% lower year-over-year.
The December decline in the IPPI is the third consecutive monthly decrease and the largest since August 2022, when it fell 1.5%. Excluding energy and petroleum products, the IPPI declined 0.6% in December.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 4.9% on a monthly basis and were down 7.9% from December 2022.
Crude energy products led the December monthly decrease in the RMPI, falling 10.3% after a 13.0% decline in November.
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