According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 0.4 percent month over month in November and were 2.3 percent lower than in November 2022. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 4.2 percent on a monthly basis in November and fell 4.6 percent year over year.
The IPPI declined 0.4 percent month over month in November, following a 0.9 percent decrease in October. Prices for energy and petroleum products (-2.3 percent), which fell for a second consecutive month in November, led the monthly decrease in the IPPI.
The RMPI fell 4.2 percent on a monthly basis in November, following a 2.6 percent decrease in October. In November, prices for crude energy products (-10.3 percent) posted the largest monthly decline since April 2020 (-47.5 percent) and led the monthly decrease in the RMPI.
Prices for metal ores, concentrates and scrap rose 2.5 percent month over month in November. Prices increased for gold, silver, and platinum group metal ores and concentrates (+3.9 percent), lead and zinc ores and concentrates (+3.4 percent), as well as iron ores and concentrates (+10.1 percent).