According to Statistics Canada, the Industrial Product Price Index (IPPI) increased 0.3 percent in March, largely as a result of higher prices for energy and petroleum products. The Raw Materials Price Index (RMPI) declined 0.9 percent, mainly because of lower prices for crude energy products.
The IPPI increased 0.3 percent in March following a 1.8 percent gain in February. Contributing to the gain were higher prices for motorized and recreational vehicles (+0.3 percent), led by higher prices for passenger cars and light trucks (+0.5 percent) and, to a lesser extent, motor vehicle engines and motor vehicle parts (+0.4 percent) as well as aircraft (+0.7 percent).
Also putting downward pressure on the IPPI were lower prices for primary ferrous metal products (-1.1 percent), mainly attributable to lower prices for iron and steel basic shapes (-1.4 percent), as well as wire and other rolled and drawn steel products (-1.8 percent).
The RMPI fell 0.9 percent in March following a 5.9 percent gain in February. The decline in the RMPI was largely a result of lower prices for crude energy products (-2.8 percent), specifically conventional crude oil (-2.9 percent). The RMPI excluding crude energy products increased 0.4 percent. Moderating the decline in the RMPI were metal ores, concentrates and scrap (+0.3 percent).