According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.2 percent month over month in September and increased 1.1 percent on a yearly basis. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 3.8 percent from September to October and fell 2.8 percent year over year in September.
The IPPI was up 1.2 percent month over month in October. This was the largest monthly growth for the IPPI since April 2024 (+1.6 percent).
The IPPI was 1.1 percent higher on a year-over-year basis in September 2024, following a 1.0 decline in the previous month.
In October, the RMPI rose 3.8 percent on a monthly basis after posting two consecutive monthly declines.
The RMPI was down 2.8 percent year over year in October, the third consecutive year-over-year decrease. Excluding crude energy products, the RMPI was up 3.1 percent in October 2024.