Prices for Canadian manufactured goods were 2.3% higher in January compared to the same month of 2016. Energy and petroleum (+22.7%) and, to a lesser degree, primary non-ferrous metal (+7.7%) products were the main causes of the overall inflation. Meanwhile, lower prices for motorized and recreational vehicles (-5.0%) and meat, dairy and fish products (-1.5%) moderated overall increases. Excluding energy and petroleum products, Canada’s Industrial Product Price Index was down 0.2% in January.
The cost of raw materials climbed 23.0% in January. Prices for crude energy (+57.8%) and metal ores, concentrates and scrap (+17.7%) were factors in the gain.
Data Source: Statistics Canada