Canadian industrial product and raw material prices rise in March

Tuesday, 30 April 2019 22:29:04 (GMT+3)   |   San Diego

According to Statistics Canada, prices for products manufactured in Canada rose 1.3 percent in March, mainly due to higher prices for energy and petroleum products. Prices for raw materials purchased by manufacturers operating in Canada increased 2.8 percent, primarily due to higher prices for crude energy products.

On a monthly basis, the Industrial Product Price Index (IPPI) was up 1.3 percent in March, following a 0.3 percent increase in February. From February to March, the Canadian dollar depreciated 1.2 percent relative to the US dollar. If the exchange rate had remained constant, the IPPI would have increased 1.0 percent instead of 1.3 percent.

The gain in the IPPI was widespread, with 16 commodity groups up, 1 down and 4 unchanged. Year over year, the IPPI rose 1.5 percent in March, following a 1.2 percent gain in February.

In March, the Raw Materials Price Index (RMPI) (+2.8 percent) rose for the fourth consecutive month. Of the six major commodity groups, five were up and one was down. Higher prices for metal ores, concentrates and scrap (+0.9 percent) contributed to the increase in the RMPI.

Year over year, the RMPI was down 1.5 percent in March, following a 2.1 percent decrease in February. Metal ores, concentrates and scrap (-3.6 percent) and crude energy products (-1.3 percent) were the main sources of the decline in March.

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