Canada's industrial product, raw materials prices down in January

Source: Xinhua | 2020-03-01

Prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell by 0.3 percent in January, due to lower prices for energy and petroleum products, Statistics Canada said Friday.

Meanwhile, prices for raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), contracted by 2.2 percent due to lower prices for crude energy products.

The prices of energy and petroleum products fell by 2.6 percent while prices for light fuel oils dropped 5.5 percent and diesel fuel dipped 4.7 percent.

However, prices for primary non-ferrous metal products rose by 1.7 percent, particularly unwrought precious metals and precious metal alloys jumped 4.2 percent, and mostly offset the decline in the IPPI.

Year over year, the IPPI and the RMPI rose 0.5 percent and 1.7 percent, respectively, in January.