Canadian industrial product and raw material prices decline in January

Friday, 28 February 2020 21:28:41 (GMT+3)   |   San Diego
       

According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), were down 0.3 percent in January, driven primarily by lower prices for energy and petroleum products. Prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 2.2 percent because of lower prices for crude energy products.

In January, the IPPI declined 0.3 percent on a month-over-month basis. The IPPI excluding energy and petroleum products was unchanged.

Year over year, the IPPI rose 0.5 percent in January, mainly led by higher prices for energy and petroleum products (+4.9 percent).

On a monthly basis, the RMPI fell 2.2 percent in January, entirely because of lower prices for crude energy products (-6.2 percent). Rising tensions in the Middle East led to higher prices for crude oil in early January, while fears about the coronavirus (COVID-19) brought prices down later in the month.

The RMPI excluding crude energy products rose 1.3 percent—mainly on higher prices for metal ores, concentrates and scrap (+1.3 percent), and animals and animal products (+1.2 percent).

Year over year, the RMPI increased 1.7 percent in January. Most of this gain was led by higher prices for crude energy products (+2.5 percent).


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