According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.8 percent month over month in March and fell 0.5 percent on a yearly basis. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), rose 4.7 percent from February to March and were up 0.8 percent year over year in March.
The IPPI increased 0.8 percent month over month in March, following a 1.1 percent rise the previous month.
The IPPI declined 0.5 percent on a year-over-year basis in March 2024. This marks the sixth straight year-over-year decrease.
In March, the RMPI rose 4.7 percent on a monthly basis, the largest monthly increase since March 2022 (+11.8 percent).
The RMPI was up 0.8 percent year over year in March, the first year-over-year increase since September 2023. Excluding crude energy products, the RMPI fell 0.8 percent in March 2024.