Canadian industrial product and raw material prices rise in December

Friday, 31 January 2020 21:17:53 (GMT+3)   |   San Diego
       

According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), edged up 0.1 percent in December, driven primarily by higher prices for primary non-ferrous metal products. Prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), rose 2.8 percent, mainly due to higher prices for crude energy products.

In December, the Industrial Product Price Index (IPPI) was up 0.1 percent, following a 0.1 percent decline in November. The IPPI excluding energy and petroleum products also rose 0.1 percent. Of the 21 major commodity groups, 7 were up, 12 were down, and 2 were unchanged.

The Raw Materials Price Index (RMPI) rose 2.8 percent in December, after posting a 1.4 percent gain the previous month. Of the RMPI's six major commodity groups, five were up and one was down.

The increase in the RMPI was led mainly by higher prices for crude energy products (+5.4 percent), particularly conventional crude oil (+5.5 percent). A new agreement to cut oil production by the Organization of the Petroleum Exporting Countries and its allies in December, along with the start of easing trade tensions between China and the United States, contributed to this increase.

On a year-over-year basis, the RMPI rose 7.9 percent, driven mostly by higher prices for crude energy products (+18.8 percent). Conventional crude oil (+19.8 percent) was the main source of this gain.


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