According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose by 1.7 percent month over month in May and by 15.0 percent compared with May 2021. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 2.5 percent on a monthly basis in May and posted a 37.4 percent year-over-year increase.
In May, the IPPI rose 1.7 percent month over month and was 15.0 percent higher than in May 2021. Higher prices for energy and petroleum products (+10.7 percent) led the gain in the IPPI's monthly increase. This commodity group has been rising since January 2022 and prices are 78.5 percent higher than in May 2021.
The RMPI increased 2.5 percent on a monthly basis in May, and posted a 37.4 percent year-over-year increase. The monthly gain was mostly due to higher prices for crude energy products (+8.6 percent). The price for conventional crude oil rose 8.9 percent in May, following a decline of 7.6 percent in April. Metal ores, concentrates and scrap fell 6.1 percent, which largely moderated the upward movement in the RMPI.