Industrial Product Prices See Decline in August 2024

Statistics Canada reported that the Industrial Product Price Index (IPPI) decreased by 0.8% in August 2024 compared to the previous month, while it showed a 0.2% increase on a year-over-year basis. The Raw Materials Price Index (RMPI) also experienced a decline, dropping by 3.1% month-over-month and 2.5% year-over-year.

The report highlighted a significant decrease in prices for energy and petroleum products, which fell by 5.0% in August. This marks the largest month-over-month decline since December 2023. Additionally, prices for primary non-ferrous metal products decreased by 1.6% month-over-month.

These figures provide a snapshot of the pricing trends in Canada's industrial and raw materials sectors, as compiled by Statistics Canada.