According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.8 percent month over month in February and rose 1.4 percent year over year.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 0.4 percent on a monthly basis in February and were down 5.2 percent year over year.
The IPPI declined 0.8 percent month over month in February, following a 0.3 percent increase in January. Year over year, the IPPI was up 1.4 percent.
Prices for energy and petroleum products fell 5.8 percent on a monthly basis in February. Prices decreased for diesel (-11.7 percent) and finished motor gasoline (-2.9 percent).
Conversely, prices for primary ferrous metal products (+1.7 percent) were up month over month for the first time since June 2022, mainly on higher prices for basic and semi-finished iron or steel products (+1.7 percent). The monthly increase was partly attributed to price increases from North American steelmakers as supply was tighter than expected. According to data from the American Iron and Steel Institute, the steel production capacity utilization in the United States was down by 6.8 percentage points year over year for the week ending February 18.
The RMPI decreased 0.4 percent in February and fell 5.2 percent compared with the same month in 2022.
Metal ores, concentrates and scrap were down 1.5 percent in February 2023, after posting three straight monthly gains. Lower prices for gold, silver, and platinum group metal ores (-2.5 percent) were mainly responsible for the decrease. Lead and zinc ores and concentrates (-5.0 percent) also fell compared with January.
Prices for crude energy products fell 0.3 percent in February, a fourth consecutive monthly decrease. Compared with February 2022, crude energy products dropped 8.5 percent, the first year-over-year decrease since January 2021.