Led by Softwood Lumber, Canada’s Industrial Product Price Index Increased 1.9% in January

Statistics Canada (StatsCan) is reporting that according to flash estimates, the Industrial Product Price Index (IPPI) increased 1.9% in January. Excluding energy and petroleum products, the IPPI rose 1.4%. The price of softwood lumber increased 19.0% in January. Softwood lumber was up 112.1% year over year, a trend underpinned by persistent demand. Energy and petroleum product prices rose 6.8%, driven primarily by higher prices for refined petroleum energy products (+7.0%). This gain was mostly attributable to higher prices for crude oil. Prices for primary non-ferrous metal products increased 1.5%, mostly as a result of a 1.7% gain in unwrought gold, silver, and platinum metals. Year over year, the IPPI was up 3.8%. Excluding energy and petroleum products, the IPPI increased 5.9% year over year.