October 2024 Price Indexes Show Mixed Trends in Canada

In October 2024, the Industrial Product Price Index (IPPI) in Canada increased by 1.2% from the previous month, marking the largest monthly growth since April 2024. This rise follows two months of consecutive declines. Year-over-year, the IPPI saw a 1.1% increase. The primary contributors to this monthly rise were non-ferrous metal products, which went up by 5.5%, driven by higher prices for unwrought gold, silver, and platinum group metals and their alloys, which increased by 7.6%. Factors such as Middle Eastern conflicts, uncertainties surrounding the United States election, and interest rate cuts by central banks contributed to the rise in precious metal prices.