Canadian Industrial Product and Raw Materials Price Indexes Increase in August

Statistics Canada (StatCan) reported on Monday (9-18-23) that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.3% month-over-month in August—the first monthly increase in the IPPI since October 2022. Year-over-year, the Index declined 0.5%.

Softwood lumber prices declined 6.0% month-over-month in August, following a 15.5% increase in July. Year-over-year, softwood lumber prices were down 26.1% in August. The monthly decline was partially attributed to slowdown in construction activities, as well as an increase in supply with some previously curtailed production returning to operation across North America, StatCan said.

Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 3.0% on a monthly basis in August but were down 4.3% year-over-year.