According to Statistics Canada, the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.8 percent month over month in November and 18.1 percent compared with the same period in 2020.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), fell 1.0 percent month over month in November, and were up 36.2 percent year over year.
In November, prices for coal fell 32.8 percent as China augmented its production in response to tight supply and high prices. Year over year, coal prices were up 135.3 percent. The price of natural gas was down 4.5 percent from October to November, partly due to higher than expected temperatures in the United States. Conventional crude oil prices fell 2.7 percent, as demand concerns due to the Omicron COVID-19 variant reduced optimism.
Prices for iron ores and concentrates fell 20.4 percent, as limited steel production in China kept demand low.