According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose in August and fell year-over-year.
The IPPI rose 1.3 percent month over month in August. This was the first monthly increase in the IPPI since October 2022 (+2.3 percent). Year over year, the IPPI was down 0.5 percent in August 2023.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased on a monthly basis in August but posted a year-over-year decline.
The RMPI increased 3.0 percent month over month in August and fell 4.3 percent compared with the same month in 2022. Excluding crude energy products, the RMPI rose 0.2 percent month over month and 1.2 percent year over year.