Canadian Industrial Product and Raw Materials Price Indices for May
Industrial product and raw materials price indexes, May 2025
On Friday, Statistics Canada (StatCan) released the results of its Industrial Product and Raw Materials Price Indices for May.
Industrial Product Price Index (IPPI)
The IPPI fell 0.5% in May, marking its second consecutive monthly decline.
Year-over-year, the index rose 1.2%—its eighth straight annual increase.
Prices for lumber and other wood products dropped 6.0%, also posting a second consecutive monthly decline. This was the largest monthly downturn for the category since June 2022, driven largely by an 8.8% drop in softwood lumber prices. Weaker demand contributed to the decline, as cautious buyers held off on purchases in anticipation of further price drops, StatCan said.
Raw Materials Price Index (RMPI)
The RMPI decreased 0.4% in May, its third straight monthly decline. However, excluding crude energy products, the index rose 1.6%.
Year-over-year, the RMPI fell 2.8%, its second consecutive annual decline. The drop was led by sharp price decreases for conventional crude oil (-22.4%) and synthetic crude oil (-22.7%). Nickel ores and concentrates also fell significantly, down 20.4%.
Excluding crude energy products, the RMPI posted a 9.6% year-over-year increase.
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