According to Statistics Canada, in September, the Industrial Product Price Index (IPPI) edged down 0.1 percent, following a 0.2 percent increase in August. Of the 21 major commodity groups, 7 were down, 11 were up and 3 were unchanged.
The decline in the IPPI in September was almost entirely due to lower prices for meat, fish and dairy products (-3.4 percent). The drop in this commodity group was mostly attributable to lower prices for fresh and frozen pork (-12.0 percent), which saw its largest monthly decline since September 2000 (-15.6 percent). The decrease in the IPPI was mostly offset by primary non-ferrous metal products (+1.7 percent), mainly due to higher prices for unwrought precious metals and precious metal alloys (+3.3 percent).
Year over year, the IPPI fell 1.3 percent in September, mainly due to lower prices for energy and petroleum products (-10.2 percent).
The Raw Materials Price Index (RMPI) was unchanged in September, compared with August. Higher prices for crude energy products were largely moderated by lower prices for animals and animal products. Of the six major commodity groups, three were up and three were down.
Crude energy products rose 2.7 percent in September, after falling 4.3 percent the previous month. This gain was primarily driven by higher prices for conventional crude oil (+2.8 percent). Attacks on Saudi Arabian oil facilities were largely responsible for this increase. The RMPI excluding crude energy products fell 2.0 percent.
Year over year, the RMPI (-5.3 percent) fell for a fifth consecutive month in September. This decline was primarily due to lower prices for crude energy products (-11.5 percent), particularly conventional crude oil (-11.6 percent).