According to Statistics Canada, the Industrial Product Price Index (IPPI) edged up 0.1 percent in February, while the Raw Materials Price Index (RMPI) increased 1.2 percent.
The IPPI (+0.1 percent) increased for a sixth consecutive month in February, following a 0.6 percent gain the previous month. Of the 21 major commodity groups, 8 were up, 10 were down and 3 were unchanged.
The IPPI (+0.1 percent) increased for a sixth consecutive month in February, following a 0.6 percent gain the previous month. Of the 21 major commodity groups, 8 were up, 10 were down and 3 were unchanged.
Prices for motorized and recreational vehicles (-0.4 percent) decreased for a third consecutive month in February. Lower prices for passenger cars and light trucks (-0.5 percent), motor vehicle engines and motor vehicle parts (-0.3 percent) and aircraft (-0.5 percent) were mainly responsible for the decline in this commodity group. The lower prices for motorized and recreational vehicles were closely linked to the appreciation of the Canadian dollar relative to the US dollar.
The IPPI rose 3.5 percent over the 12-month period ending in February, after increasing 2.5 percent in January. This was the strongest year-over-year increase since April 2014. The year-over-year increase in the IPPI was mainly offset by lower prices for motorized and recreational vehicles (-3.2 percent), particularly passenger cars and light trucks (-3.4 percent) and, to a lesser extent, motor vehicle engines and motor vehicle parts (-2.3 percent) and aircraft (-4.2 percent).
The RMPI was up 1.2 percent in February, following a 1.7 percent increase in January. Of the six major commodity groups, five were up and one was down. Metal ores, concentrates and scrap significantly contributed to the growth in the RMPI in February, with prices rising 1.8 percent following a 1.5 percent increase the previous month.
The RMPI rose 23.7 percent in the 12-month period ending in February, following a 23.0 percent increase in January. This was the strongest year-over-year gain in the RMPI since July 2011. Metal ores, concentrates and scrap (+15.0 percent) contributed to the year-over-year increase in the IPPI, following a 17.5 percent gain in January.