According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 0.8 percent month over month in April 2022 and 16.4 percent year over year. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 2.0 percent on a monthly basis in April 2022 and rose 38.4 percent year over year.
In April, the Industrial Product Price Index (IPPI) rose 0.8 percent month over month and 16.4 percent year over year. The monthly increase was mainly due to higher prices for energy and petroleum products (+5.2 percent). Excluding energy and petroleum products, the IPPI edged up 0.1 percent.
Primary ferrous metal products rose 3.3 percent, mainly on higher prices for basic and semi-finished iron or steel products (+3.2 percent). This increase is partly attributable to limited steel production in China due to COVID-19 pandemic lockdowns. Steel prices were also affected by sanctions on Russian energy and commodities in response to their invasion of Ukraine. On the contrary, prices for primary non-ferrous metal products fell 0.9 percent, mostly due to price declines for unwrought aluminum and aluminum alloys (-7.9 percent), and unwrought gold, silver, and platinum group metals and their alloys (-2.7 percent). Lower prices for aluminum are partially attributable to expectations of slowing global demand.
In April 2022, the Raw Materials Price Index declined 2.0 percent month over month and rose 38.4 percent year over year.
Prices for metal ores, concentrates and scrap were down 1.3 percent in April. This was mainly driven by a drop in prices for gold, silver, and platinum group metal ores and concentrates (-3.3 percent), and waste and scrap of metal (-1.9 percent).