Canadian Industrial Product and Raw Materials Price Indexes for August
Industrial product and raw materials price indexes, August 2024
On Friday, Statistics Canada (StatCan) released the results of the Industrial Product Price Index (IPPI) and Raw Materials Price Index (RMPI) for August.
Industrial Product Price Index
On a monthly basis, the IPPI decreased 0.8% in August, following a 0.1% decline in July. Lower prices for energy and petroleum products were mainly responsible for the decline. Excluding energy and petroleum products, the IPPI decreased 0.2%.
The IPPI’s monthly decline was moderated by higher prices for several commodities, with lumber and other wood products and chemicals and chemical products being the largest upward contributors. Prices for lumber and other wood products rose 2.1%. Softwood lumber was the main driver of the higher prices in this group, rebounding 7.7% after four consecutive monthly declines.
The IPPI rose 0.2% year-over-year, the fifth straight year-over-year increase.
Raw Materials Price Index
The RMPI declined 3.1% month-over-month in August, led by lower prices for crude energy products, down 5.0%. Excluding crude energy products, the RMPI fell 1.8%.
Year-over-year, the RMPI decreased 2.5%, following a 4.1% gain in July.
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