Canadian Industrial Product and Raw Materials Price Indexes Show Mixed Results in January
Industrial product and raw materials price indexes, January 2024
On Monday, Statistics Canada (StatCan) reported that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.1% month-over-month and declined 2.9% year-over-year.
StatCan reports that the price of softwood lumber rose 4.2% in January. This is the third straight month-over-month increase and the largest growth since July 2023. The recent increase in Canadian housing starts and reduced domestic supply of lumber in the long term both played a part in the rise of lumber prices, StatCan said. Lumber production fell 6.6% over the first 11 months of 2023 compared with the same period in 2022.
The price of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 1.2% on monthly basis in January 2024 but was 6.4% lower year-over-year.
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