According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), decreased 0.6 percent month over month in June and fell 5.5 percent year over year.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 1.5 percent on a monthly basis in June and were 19.7 percent lower compared with June 2022.
The IPPI fell 0.6 percent month over month in June, a third consecutive monthly decrease. Excluding energy and petroleum products, the IPPI fell 0.9 percent. Prices for primary ferrous metal products decreased 0.8 percent on a monthly basis in June, mainly on lower prices for basic and semi-finished iron or steel products (-0.9 percent).
The RMPI fell 1.5 percent month over month in June, following a 5.0 percent drop in May. Year over year, the index declined by 19.7 percent, a fifth consecutive year-over-year decline and the largest drop since April 2020 (-31.6 percent).
Prices for metal ores, concentrates and scrap (-3.4 percent) fell for the second consecutive month in June 2023, driven by lower prices for gold, silver, and platinum group metal ores and concentrates (-5.8 percent).