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- Canadian Industrial Product Price Index rose due to higher prices for energy and petroleum products
Canadian Industrial Product Price Index rose due to higher prices for energy and petroleum products
The Industrial Product Price Index (IPPI) rose 0.4% in January, mainly due to higher prices for energy and petroleum products. The Raw Materials Price Index (RMPI) increased 1.7%, led by higher prices for animals and animal products.
The IPPI (+0.4%) increased for a fifth consecutive month in January, following a 0.3% gain in December. Of the 21 major commodity groups, 6 were up, 10 were down and 5 were unchanged.
Prices for energy and petroleum products (+2.7%) were largely responsible for the gain in the IPPI in January. The increase in this commodity group was mainly attributable to higher prices for motor gasoline (+3.0%) and heavy fuel oils (+8.6%). The price of lubricants and other petroleum refinery products (+4.5%), diesel fuel (+1.3%) and jet fuel (+4.5%) also contributed to the increase in energy and petroleum products, but to a lesser extent. The IPPI excluding energy and petroleum products edged up 0.1%.
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