Canada: Industrial Product Price Index (IPPI) declined 0.3% in January

"Prices for products sold by Canadian manufacturers, as measured by the Industrial Product Price Index (IPPI), declined 0.3% in January, driven primarily by lower prices for energy and petroleum products," Statistics Canada reported today.

Key takeaways from the press release

• Prices for raw materials purchased by Canadian manufacturers, as measured by the Raw Materials Price Index (RMPI), rose 3.8%, mainly due to higher prices for crude energy products.
• The IPPI (-0.3%) was down for the third consecutive month in January, following a 0.8% decrease in December.
• Energy and petroleum products (-1.8%) were largely responsible for the decrease in the IPPI in January.
• The IPPI rose 1.0% over the 12-month period ending in January, following a 2.0% increase in December.