According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.3 percent in August, led by higher prices for primary non-ferrous metal products. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), rose 3.2 percent, principally due to higher prices for metal ores, concentrates and scrap.
The IPPI (+0.3 percent) posted a fourth consecutive monthly increase in August. Excluding energy and petroleum products, the IPPI rose 0.4 percent. Of the 21 major product groups, 7 were up, 13 were down, and 1 was unchanged.
Year-over-year, the IPPI fell 2.3 percent, continuing a downward trend that began in February 2020. This decline was due in large part to a drop in prices for energy and petroleum products (-24.6 percent). Higher prices for primary non-ferrous metal products (+15.8 percent) were primarily responsible for partially offsetting this decrease.
The RMPI rose 3.2 percent in August, after posting a 3.0 percent increase in July. Excluding crude energy products, the RMPI was up 4.2 percent. Of the six major product groups, five were up and one was down.
In August, the gain in the RMPI was led by higher prices for metal ores, concentrates and scrap (+9.3 percent), particularly precious metal ores and concentrates (+21.7 percent), which saw their largest monthly increase since the series began in 2010.
Year-over-year, the RMPI fell 7.6 percent, mostly due to a drop in prices for crude energy products (-24.9 percent). This decline was partially offset, mainly by higher prices for metal ores, concentrates and scrap (+18.9 percent).