According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), decreased 0.9 percent in March, driven primarily by lower prices for refined petroleum energy products. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 15.6 percent, mostly due to lower prices for crude oil.
In March, the IPPI decreased 0.9 percent month-over-month. This was the third consecutive monthly decline and the largest decrease since June 2019 (-1.4 percent). Out of the 21 major commodity groups, 3 were down and 18 were up.
On a year-over-year basis, the IPPI was down 2.4 percent, primarily due to a 22.4 percent decrease in prices for energy and petroleum products.
In March, the RMPI was down by 15.6 percent, the third consecutive monthly decline and the largest decrease since December 2008 (-15.7 percent). Of the RMPI’s six major commodity groups, two were down and four were up.
Year-over-year, the RMPI was down 22.7 percent, mostly due to a 48.7 percent decrease in prices for crude energy products.