According to Statistics Canada, the Industrial Product Price Index (IPPI) rose 0.8 percent in March, while the Raw Materials Price Index (RMPI) decreased 1.6 percent.
The IPPI (+0.8 percent) increased for a seventh consecutive month in March, following a 0.3 percent gain in February. This was the largest increase since June 2016. Of the 21 major commodity groups, 20 were up and 1 was down. The growth in the IPPI was largely attributable to higher prices for motorized and recreational vehicles (+1.2 percent) and primary non-ferrous metal products (+2.0 percent).
The IPPI rose 5.1 percent over the 12-month period ending in March, after increasing 3.6 percent in February. This was the largest year-over-year increase since November 2011 (+6.0 percent). The year-over-year increase in the IPPI was mostly attributable to higher prices for energy and petroleum products (+20.0 percent).
Primary ferrous metal products (+10.1 percent) also rose compared with March 2016. The increase in this commodity group was mainly attributable to higher prices for wire and other rolled and drawn steel products (+23.9 percent) and iron and steel basic shapes (+7.2 percent).
The RMPI was down 1.6 percent in March, following a 1.3 percent increase in February. This was the largest decline in the RMPI since July 2016 (-2.7 percent). Of the six major commodity groups, three were down and three were up. The decrease in the RMPI was primarily due to lower prices for crude energy products (-4.3 percent), but the drop was moderated by an increase in prices for metal ores, concentrates and scrap (+0.6 percent). The increase in this commodity group was mainly due to higher prices for waste and scrap of metal (+2.5 percent).
The RMPI rose 16.6 percent in the 12-month period ending in March, following a 23.9 percent increase in February. Year over year, prices for metal ores, concentrates and scrap (+15.0 percent) increased, following a 15.3 percent gain in February.