According to Statistics Canada, the Industrial Product Price Index (IPPI) rose 4.0 percent month over month in March 2022, the largest monthly change on record since the series began in 1956. Year-over-year, the IPPI increased 18.5 percent, its biggest gain since December 1974.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), were up 11.8 percent on a monthly basis in March 2022 and up 42.7 percent year over year. The Russian invasion of Ukraine had effects on the prices of many commodities in March 2022.
The IPPI rose 4.0 percent month over month in March. This was the largest monthly gain since the series began in January 1956. This monthly growth was mainly driven by higher prices for refined petroleum products. Year over year, the IPPI rose 18.5 percent, the biggest gain since December 1974 (+19.7 percent).
In March, the RMPI was up 11.8 percent month over month and up 42.7 percent from March 2021, driven mainly by higher prices for conventional crude oil. Excluding crude energy products, the RMPI rose 6.8 percent monthly.
Prices for metal ores, concentrates and scrap (+6.2 percent) posted their third consecutive monthly gain. Higher prices for waste and scrap of metal (+12.1 percent), as well as gold, silver, and platinum group metal ores and concentrates (+4.5 percent) were mainly responsible for the monthly increase in this group.