Issue 20-107: Industrial Product Price Index, Flash Estimate
June 12, 2020
Statistics Canada released preliminary estimates for industrial product prices. Note that these estimates are likely to be revised with the official release on June 29, are preliminary and should be interpreted with caution.
Canadian manufacturers’ selling prices fell 4.8% in May, compared to the same month a year earlier. Lower prices for energy and petroleum products (-41.7%) were the major contributor for the overall price decrease. Excluding energy and petroleum products, manufacturing prices went up by 1.5% in May. Other notable price decreases were reported for chemicals and chemical products (-4.6%), pulp and paper products (-3.5%) and primary ferrous metal products (-2.9%).
Prices for meat, fish and dairy products saw the largest gains year-over-year in May (+10.3%), mainly due to lower available supply. Many meat processing plants were affected by COVID-19 forcing them to shut down or scale back operations, reducing capacity and driving prices up.
Source: Statistics Canada