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

OTTAWA (XINHUA) – Prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell by 0.3 per cent in January, due to lower prices for energy and petroleum products, Statistics Canada said on 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 per cent due to lower prices for crude energy products.

The prices of energy and petroleum products fell by 2.6 per cent while prices for light fuel oils dropped 5.5 per cent and diesel fuel dipped 4.7 per cent. However, prices for primary non-ferrous metal products rose by 1.7 per cent, particularly unwrought precious metals and precious metal alloys jumped 4.2 per cent, and mostly offset the decline in the IPPI.

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