According to Statistics Canada, the Industrial Product Price Index (IPPI) rose 0.3 percent in November, following a 0.7 percent increase in October. Of the 21 major commodity groups, 14 were up, 2 were down and 5 were unchanged.
The rise in the IPPI in November was mainly attributable to higher prices for motorized and recreational vehicles (+1.1 percent) and primary non-ferrous metal products (+2.3 percent). Within motorized and recreational vehicles, price gains were reported for passenger cars and light trucks (+1.0 percent), motor vehicle engines and motor vehicle parts (+0.7 percent) as well as aircraft (+1.5 percent). Higher prices for motorized and recreational vehicles were closely linked to the depreciation of the Canadian dollar relative to the US dollar.
The IPPI rose 1.4 percent during the 12-month period ending in November, following a 0.8 percent increase in October.
The RMPI decreased by 2.0 percent in November following a 3.3 percent increase in October. Of the six major commodity groups, two were up, three were down and one was unchanged. The decrease in the RMPI was mainly due to lower prices for crude energy products (-6.9 percent), specifically conventional crude oil (-7.4 percent). Higher prices for metal ores, concentrates and scrap (+4.0 percent) moderated the decline.
The RMPI increased 4.1 percent over the 12-month period ending in November, following a 1.5 percent gain in October. The advance in the RMPI was primarily driven by higher prices for metal ores, concentrates and scrap (+14.7 percent), which posted their largest year-over-year increase since August 2011.