Issue 16-64: Industrial Product Price Index
March 29, 2016
Prices for Canadian manufactured goods were 1.4% lower in February compared to the same month of 2015. Lower prices for energy and petroleum products (-21.4%, 12-month change) were the major factor in the overall deflation. Excluding these goods, manufacturers’ prices would have climbed 1.6%, as boosts were recorded in several other sectors, most notably in the motorized and recreational vehicles industry (+6.8%).
The price of raw materials dipped 15.1% in February (12-month change). Plummeting prices for crude energy products (-31.3%) were the primary reason for the large losses, led by a substantial drop in prices of crude oil (-32.3%). If crude energy products were not included, raw materials prices would have fallen just 4.0% over the twelve-month period.
Data Source: Statistics Canada