The Industrial Product Price Index increased 0.7 per cent in July, mainly because of higher prices for motorized and recreational vehicles, said Statistics Canada also Friday. The Raw Materials Price Index declined 5.9 per cent in July, led by lower prices for crude energy products.
Canada Industrial Product and Raw Materials Prices
The Industrial Product Price Index (+0.7%) increased for the third consecutive month in July, posting the largest gain since February 2015, said Stats Can. Of the 21 commodity groups, 17 were up, 2 were down, and 2 were unchanged.
The main reason for the increase in the IPPI in July was higher prices for motorized and recreational vehicles (+2.5%).
To a lesser extent, higher prices for chemicals and chemical products (+1.1%) and fruit, vegetables, feed and other food products (+0.9%) also contributed to the increase in the IPPI.
The Raw Materials Price Index fell 5.9% in July, following a 0.2 per cent gain in June. Of the six commodity groups, two were up, three were down, and one was unchanged.
Lower prices for crude energy products (-13.0%) were the main reason for the decline in the RMPI, led by conventional crude oil (-13.5%), which posted its largest decline since January 2015, when prices fell 20.1 per cent. The RMPI excluding crude energy products decreased 0.3 per cent.
The RMPI fell 21.2 per cent over the 12-month period ending in July, following a 17.3 per cent decline in June.
Lower prices for crude energy products (-37.9%) were largely responsible for the decline, specifically conventional crude oil (-38.6%). The RMPI excluding crude energy products fell 2.7 per cent from the same month last year.
Also contributing to the year-over-year decline of the RMPI were lower prices for metal ores, concentrates and scrap (-5.8%).