According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 1.5 percent month over month in December and were 2.7 percent lower than December 2022. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 4.9 percent on a monthly basis in December 2023 and decreased 7.9 percent year over year.
The IPPI fell 1.5 percent month over month in December. This was the third consecutive monthly decrease and the largest decline since August 2022 (-1.5 percent). Excluding energy and petroleum products, the IPPI declined 0.6 percent in December 2023.
On a monthly basis, the RMPI decreased 4.9 percent in December. Groups moderating the year-over-year decrease include gold, silver, and platinum group metal ores and concentrates (+6.2 percent) and cattle and calves (+27.3 percent).