August 2024 Price Indexes Report

August 2024 Price Indexes Report

Industrial Product Price Index (IPPI)

• The IPPI decreased by 0.8% in August 2024 compared to July 2024.
• Year-over-year, the IPPI increased by 0.2%.
• The decline was mainly due to lower prices for energy and petroleum products, which fell by 5.0%.
• Excluding energy and petroleum products, the IPPI decreased by 0.2%.
• Prices for primary non-ferrous metal products fell by 1.6% month-over-month.
• Notable year-over-year price increases included unwrought gold, silver, and platinum group metals (+24.0%), unwrought aluminum and aluminum alloys (+33.2%), and petrochemicals (+12.2%).
• Year-over-year price decreases were observed for diesel fuel (-17.1%), finished motor gasoline (-11.8%), and grain and oilseed products (-26.9%).

Raw Materials Price Index (RMPI)

• The RMPI declined by 3.1% in August 2024 compared to July 2024.
• Year-over-year, the RMPI decreased by 2.5%.
• The monthly decline was led by lower prices for crude energy products, which fell by 5.0%.
• Excluding crude energy products, the RMPI fell by 1.8%.
• Prices for crop products fell by 6.1% in August 2024, driven by lower prices for canola (-8.9%).
• Prices for metal ores, concentrates, and scrap decreased by 2.3% from July to August.
• Year-over-year price decreases were noted for conventional crude oil (-5.9%) and synthetic crude oil (-8.5%).
• Notable year-over-year price increases included gold, silver, and platinum group metal ores and concentrates (+25.9%) and cattle and calves (+11.2%).

Additional Information

• The next release for the industrial product and raw materials price indexes will be on October 22, 2024.

Source: Statistics Canada Prices Feed.