Canadian Industrial Product Price Index Moves Higher in February Led by Energy, Petroleum, and Softwood Lumber Gains
Industrial product and raw materials price indexes, February 2022
Statistics Canada (StatsCan) reported today (3-22-22) that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 3.1% month-over-month in February 2022 and were up 16.4% year-over-year. The prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 6.0% month-over-month in February 2022 and are up 29.8% year-over-year.
The price of softwood lumber was up 8.3% month-over-month in February, a fifth consecutive monthly increase, which followed a large drop between May and August. On a year-over-year basis, softwood lumber was 31.2% higher than February 2021. Steady demand, transportation problems, and labor issues all contributed to the persisting high prices for Canadian softwood lumber.
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