September 2024 Price Indexes Show Decline in Industrial and Raw Material Prices

The Industrial Product Price Index (IPPI) and Raw Materials Price Index (RMPI) for September 2024 have shown a decrease in prices for products manufactured in Canada. According to Statistics Canada, the IPPI fell by 0.6% from August to September and decreased by 0.9% compared to the previous year. This decline was largely driven by a drop in prices for energy and petroleum products, which fell by 6.5% in September. Excluding these products, the IPPI actually rose by 0.2%.

In the raw materials sector, the RMPI decreased by 3.1% month over month and fell by 8.8% year over year. The decline in the RMPI was primarily due to lower prices for crude energy products, which dropped by 8.5% in September. Excluding crude energy products, the RMPI increased by 0.6%.

The report highlights that lower prices for conventional crude oil and synthetic crude oil were significant contributors to the overall decline in the RMPI. Additionally, the prices for meat, fish, and dairy products decreased by 1.1% in September, with fresh and frozen pork prices falling by 3.1%.

Conversely, prices for primary non-ferrous metal products increased by 1.0% month over month, influenced by higher prices for unwrought gold, silver, and platinum group metals. Lumber and other wood products also saw a price increase of 1.2%, driven by higher softwood lumber prices.

The indexes are not seasonally adjusted, and data for the previous six months may have been revised. The next release of the industrial product and raw materials price indexes is scheduled for November 21, 2024.