Canadian industrial product and raw material prices increase in February

Friday, 29 March 2019 22:17:53 (GMT+3)   |   San Diego

According to Statistics Canada, prices for products manufactured in Canada rose 0.3 percent in February, mainly due to higher prices for energy and petroleum products. Prices for raw materials purchased by manufacturers operating in Canada increased 4.6 percent, primarily due to higher prices for crude energy products.

On a monthly basis, the Industrial Product Price Index (IPPI) was up 0.3 percent in February, following three consecutive monthly declines. The growth of the IPPI in February was mainly due to higher prices for energy and petroleum products (+3.1 percent), particularly motor gasoline (+3.6 percent), light fuel oils (+4.6 percent) and diesel fuel (+3.9 percent).

Year over year, the IPPI rose 1.2 percent in February, following a 1.0 percent gain in January. The increase was mainly attributable to motorized and recreational vehicles (+3.1 percent), primary ferrous metal products (+11.4 percent) and pulp and paper products (+7.2 percent).

On a monthly basis, the Raw Materials Price Index (RMPI) rose 4.6 percent in February, after rising 4.0 percent in January. Of the six major commodity groups, four were up and two were down. The increase in the RMPI in February was primarily due to higher prices for crude energy products (+9.3 percent), particularly conventional crude oil (+9.9 percent). The RMPI excluding crude energy products rose 0.8 percent.

Year over year, the RMPI declined 0.6 percent following a 5.1 percent decrease in January. Prices for animals and animal products (-5.1 percent) and metal ores, concentrates and scrap (-3.2 percent) were the main sources of this decline.

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