According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.2 percent month over month in December and increased 4.1 percent on a yearly basis. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 1.3 percent from November to December and increased 9,1 percent year over year in December.
The IPPI was up 0.2 percent month over month in December, the index’s third consecutive monthly increase.
The IPPI was 4.1 percent higher on a year-over-year basis in December 2024. This was the IPPI’s third consecutive year-over-year increase, and the eighth over the last nine months.
In December, the RMPI increased 1.3 percent on a monthly basis after posting a 0,1 decrease in November.
The RMPI was up 9.1 percent year over year in December, partially influenced by a base period effect, as the RMPI declined 4.9 percent in December 2023. Excluding crude energy products, the RMPI was up 1.6 percent in December 2024.