According to Statistics Canada, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.6 percent month over month in January and increased 5.8 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 3.7 percent from December to January and increased 11.8 percent year over year in January.
The IPPI was up 1.6 percent month over month in January, the index’s fourth consecutive monthly increase and the largest gain since April 2024.
The IPPI was 5.8 percent higher on a year-over-year basis in January 2025. This was the IPPI’s highest level over the previous 12 months.
In January, the RMPI increased 3.7 percent on a monthly basis after posting a 1.3 increase in December.
The RMPI was up 11.8 percent year over year in January, the third consecutive year-over-year increase and the largest growth since September 2022. Excluding crude energy products, the RMPI was up 1.6 percent in January 2025.