According to Statistics Canada, the Industrial Product Price Index (IPPI) declined 0.5 percent in October, mainly as a result of lower prices for motorized and recreational vehicles. The Raw Materials Price Index (RMPI) increased 0.4 percent, led by higher prices for crude energy products.
The decline in the IPPI in October was mainly led by lower prices for motorized and recreational vehicles (-1.1 percent), specifically passenger cars and light trucks (-1.1 percent), motor vehicle engines and motor vehicle parts (-0.8 percent) and aircraft (-1.5 percent). Lower prices for motorized and recreational vehicles were closely linked to the appreciation of the Canadian dollar relative to the US dollar.
The main reason for the increase in the RMPI were higher prices for crude energy products (+2.4 percent), specifically conventional crude oil (+2.5 percent). The RMPI excluding crude energy products declined 0.8 percent.
To a lesser extent, metal ores, concentrates and scrap (+0.7 percent) also contributed to the increase.