Canadian Industrial Product and Raw Materials Price Indexes Both Decline in November
Industrial product and raw materials price indexes, November 2023
Statistics Canada (StatCan) reported on Tuesday (12-19-23) that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.4% month over in November. This follows a 0.9% decrease in October. Year-over-year, the index was 2.3% lower.
Excluding energy and petroleum products, the IPPI declined 0.2% year-over-year in November. StatCan notes that the key contributors to the decline were lower prices for softwood lumber, down 17.7%; unwrought nickel and nickel alloys, down 32.2%; wood pulp, down 21.3%; and ammonia and chemical fertilizers, down 23.8%.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 4.2% on monthly basis in November and were down 4.6% year-over-year.
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