According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), edged up 0.1 percent month over month in September and rose 9.0 percent year over year. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 3.2 percent on a monthly basis in September and rose 11.0 percent year over year.
The IPPI edged up 0.1 percent month over month in September, following three months of consecutive decreases. Year over year, the IPPI was up 9.0 percent.
The RMPI decreased 3.2 percent in September and rose 11.0 percent compared with the same month in 2021. Prices for crude energy products fell 3.6 percent, a third consecutive monthly decrease. The price of conventional crude oil was down 4.9 percent in September; however, it was up 26.3 percent year over year. Expectations of slowing economic activity worldwide contributed to the decrease in prices.
Prices for metal ores, concentrates and scrap were down 2.9 percent in September, due in part to a stronger US dollar, as well as concerns about economic growth.