According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), decreased 0.6 percent month over month in September and declined 0.9 percent on a yearly basis. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 3.1 percent from August to September and were fell 8.8 percent year over year in September.
The IPPI decreased 0.6 percent month over month in September. Excluding energy and petroleum products, the IPPI rose 0.2 percent.
The IPPI declined 0.9 percent on a year-over-year basis in September 2024. This marks the first year-over-year decrease since March 2024 (-0.4 percent).
In September, the RMPI declined 3.1 percent from August, the largest month-over-month decline in the RMPI since December 2023 (-4.9 percent).
The RMPI was down 8.8 percent year over year in September, the largest year-over-year decrease since July 2023 (-10.9 percent). Excluding crude energy products, they RMPI was up 0.6 percent in September 2024.