According to Statistics Canada, the Industrial Product Price Index (IPPI) was unchanged month over month in June and up 16.8 percent compared with June 2020. The Raw Materials Price Index (RMPI) increased 3.9 percent on a monthly basis in June and 38.1 percent year over year.
In June, the Industrial Product Price Index (IPPI) was unchanged on a month-to-month basis. Although the top-level index was flat, 15 of the 21 major subcomponent groups were up, five were down, and one was unchanged.
Prices for basic and semi-finished iron or steel products were up 2.7 percent, a tenth consecutive monthly increase. Although the long-term trend for steel is increasing, the iron ore (used to make steel) market exhibited severe volatility in May and June, responding to speculation about the impact of regulatory policies in China.
Year over year, the IPPI was up by 16.8 percent, an 11th consecutive advance, following a 17.0 percent increase in May. This was mostly due to higher prices for lumber and other wood products (+102.1 percent), energy and petroleum products (+53.4 percent), as well as primary non-ferrous metal products (+29.4 percent).
In June, the RMPI was up by 3.9 percent, a ninth consecutive monthly increase. Of the six main commodity groups, four were up, one was down, and one was unchanged. The main contributor to the upward movement in June were higher prices for conventional crude oil (+10.1 percent) and synthetic crude oil (+9.1 percent).
Year over year, the RMPI was up 38.1 percent. This was mostly due to higher prices for crude energy products (+69.2 percent), canola (+74.6 percent), and live animals (+25.1 percent).