According to Statistics Canada, prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 0.4 percent in June, driven mainly by higher prices for energy and petroleum products. Prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 7.5 percent, as a result of higher prices for crude energy products.
The IPPI increased 0.4 percent in June, following a 1.2 percent increase in May. Of the 21 major commodity groups, 2 were up, 17 were down, and 2 were unchanged. Year over year, the IPPI decreased by 3.1 percent in June, mostly due to a 29.7 percent decrease in prices for energy and petroleum products. Excluding energy products, the IPPI was up 1.1 percent year over year.
The RMPI increased 7.5 percent in June, following a 16.4 percent increase in May. Of the six major commodity groups, two were up and four were down. Metal ores, concentrates, and scrap (+1.6 percent) also contributed to the increase in the RMPI, albeit to a lesser extent.
On a year-over-year basis, the RMPI decreased 13.5 percent in June, mostly due to a 30.4 percent decrease in prices for crude energy products. Excluding crude energy products, the RMPI edged down 0.1 percent year over year.