According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.6 percent month over month in July and increased 12.4 percent on a yearly basis. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 2.2 percent from June to July and increased 18.1 percent year over year in July.
The IPPI was up 0.6 percent month over month in July, following a 1.4 percent decrease in June.
The IPPI was up 12.4 percent year over year in July, the index's 22nd consecutive month of year-over-year increase.
In July, the RMPI decreased 2.2 percent month over month, mainly driven by lower prices for crude energy products (-3.6 percent) and metal ores, concentrates and scrap (-4.7 percent). Excluding crude energy products, the RMPI decreased 1.5 percent.
The RMPI increased 18.1 percent year on year in July, slowing from a 21.0 percent year over year gain in June. Excluding crude energy products, the RMPI posted a 16.7 percent year over year rise in July.
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