Today's Report (01/04/2022)

The price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.8% month over month in November and 18.1% compared with the same period in 2020. Prices for ammonia and chemical fertilizers rose 10.5% compared with October 2021, a seventh consecutive monthly increase. This put prices 132.7% higher than November 2020, making it the largest year-over-year increase on record for ammonia and chemical fertilizers. Many intermediate food products showed price gains in November. Prices for flour and other grain mill products were up 2.3% on a monthly basis and were 40.9% higher than November 2020. From October to November, the Canadian dollar depreciated by 1.1% on average against the US greenback. This increases the nominal prices of goods priced in US dollars. Prices for energy and petroleum products fell 0.7% month over month, coinciding with a drop in prices for crude oil. Prices for the unwrought gold, silver, and platinum metals group rose 3.9% on a monthly basis in November, following five consecutive months of decline.

Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), fell 1.0% month over month in November, and were up 36.2% year over year. In November, prices for coal fell 32.8% as China augmented its production in response to tight supply and high prices. Year over year, coal prices were up 135.3%. Many crop products posted higher monthly prices, including canola (+8.7%) and wheat (+8.5%). The increases continue a trend brought on by limited supply. Prices for iron ores and concentrates fell 20.4%, as limited steel production in China kept demand low.

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Canadian IPPI (Industrial Producer Price Index)

What is it?

The CA IPPI index measures the movement in prices for manufactured goods produced in Canada, destined for domestic or export consumption.

Canadian RMPI (Raw Material Price Index)

What is it?

The Raw Materials Price Index (RMPI) provides the movement in prices for a group of major input products into goods produced in Canada. It helps cover the spectrum of price changes in the Canadian economy and is valuable directly and in relation to the price movements of products derived in part from these materials. In addition, the RMPI series supports the Canadian System of National Accounts (SNA), where it is used in the calculation of real Gross Domestic Product (GDP).