According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 0.6 percent in November, driven mainly by lower prices for lumber and other wood products. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 0.6 percent, mostly because of higher prices for crude energy products and crop products.
In November, the IPPI fell 0.6 percent month over month. Of the 21 major commodity groups, 9 were down, 9 were up, and 3 were unchanged.
On a year-over-year basis, the IPPI was flat in November. Lower energy and petroleum product prices (-28.6 percent) were offset by higher prices for primary non-ferrous metals (+21.0 percent), and lumber and other wood products (+23.2 percent).
The RMPI increased 0.6 percent in November. Of the six major commodity groups, three were up and three were down. The monthly gain in the RMPI was moderated by decreases in prices for metal ores, concentrates, and scrap (-1.0 percent).
On a year-over-year basis, the RMPI fell 1.7 percent, mostly as a result of lower prices for crude energy products (-26.5 percent). This decline was offset by a 27.0 percent increase in prices for metal ores, concentrates, and scrap.