Canadian Industrial Product Price Index goes down

OTTAWA (XINHUA) – Canadian Industrial Product Price Index (IPPI) edged down 0.1 per cent in September due to lower prices for energy and petroleum products, according to Statistics Canada on Friday.

The decrease came after four consecutive monthly increases.

Excluding energy and petroleum products, the IPPI rose 0.3 per cent, largely driven by higher prices for lumber and other wood products, which jumped 6.3 per cent, and meat, fish and dairy products, which rose 1.7 per cent.

Year-over-year, the IPPI fell 2.2 per cent for an eighth consecutive month in September, primarily as a result of lower prices for energy and petroleum products which plunged 28.2 per cent.

Meanwhile, Raw Materials Price Index (RMPI) fell 2.2 per cent in September mainly because of lower prices for crude energy products.

The RMPI was brought down by lower prices for crude energy products which dropped 6.9 per cent due to less global demand for oil caused by the COVID-19 pandemic.