Canadian industrial product and raw material prices rise in April

Friday, 31 May 2019 20:07:31 (GMT+3)   |   San Diego

According to Statistics Canada, prices for industrial products manufactured in Canada rose 0.8 percent in April, driven mainly by higher prices for energy and petroleum products. Prices for raw materials purchased by manufacturers operating in Canada increased 5.6 percent, primarily on the strength of higher crude energy product prices.

On a monthly basis, the Industrial Product Price Index (IPPI) rose 0.8 percent in April, following a 1.3 percent increase in March. Of the 21 major commodity groups, 10 were up, 7 were down and 4 were unchanged.

On a year-over-year basis, the IPPI was up 1.8 percent in April, after rising 1.5 percent in March. Higher prices for motorized and recreational vehicles (+3.2 percent) and for meat, fish and dairy products (+5.9 percent) were primarily responsible for this growth. Conversely, lower prices for primary non-ferrous metal products (-4.4 percent) largely moderated the year-over-year gain in the IPPI.

On a monthly basis, the Raw Materials Price Index (RMPI) rose 5.6 percent in April, following a 2.8 percent increase in March. The increase in April marked the fifth consecutive monthly gain, and was the biggest since December 2016 (+6.3 percent). Of the six major commodity groups, three were up, two were down and one was unchanged.

Year over year, the RMPI rose 3.2 percent, the first increase since October 2018, led by higher prices for crude energy products (+4.7 percent) and animals and animal products (+9.5 percent).

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