Statistics Canada (StatsCan) reported on Friday (4-22-22) that the Canadian Industrial Produce Price Index (IPPI) rose 4.0% month-over-month in March 2022. This increase is the largest monthly change on record since the series started in 1956. Growth was mainly driven by higher prices for refined petroleum products. Year-over-year (March 2021 to March 2022), the IPPI increased 18.5%, which is the largest increase since December 1974.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), were up 11.8% on a monthly basis in March 2022 and up 42.7% year-over-year. The Russian invasion of Ukraine had effects on the prices of many commodities in March 2022.
Softwood lumber rose 8.0% in March, posting its sixth consecutive monthly increase. Compared with the same month in 2021, prices were up 21.9%. Higher prices for softwood lumber were partially related to strong demand, as well as supply issues related to transportation, StatsCan said.
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Industrial product and raw materials price indexes, March 2022