Canada's Industrial Product Price Index down in October
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E-mail Xinhua, December 1, 2020
OTTAWA, Nov. 30 (Xinhua) -- Canada's Industrial Product Price Index (IPPI) fell 0.4 percent in October due to lower prices for lumber and other wood products, according to Statistics Canada on Monday.
Lumber and other wood products fell 7 percent due to lower prices for softwood lumber which plunged 12.7 percent.
It marked the first decrease observed in the softwood lumber category since April of this year. In spite of this market correction, the price of softwood lumber was 73.7 percent higher in October 2020 than in October 2019.
The IPPI decline was tempered by some key product groups that showed increases. The fruits, vegetables, feed and other food products category rose 1.4 percent due to a sharp upturn in prices for grain and oilseed products, which rose 4.8 percent.
Year over year, the IPPI rose 0.7 percent due to higher prices for lumber and other wood products which surged 37.6 percent and a 20.7 percent increase in prices for primary non-ferrous metals.
The year-over-year gain was moderated by a decrease of 31.2 percent in prices for energy and petroleum products.
Meanwhile, the Raw Materials Price Index (RMPI) rose 0.5 percent in the country mostly due to higher prices for animals and animal products and crop products.
In October, The RMPI was up 0.5 percent. Of the six major product groups, five were up and one was down.
Prices for animals and animal products rose 2.6 percent due to higher prices for hogs which jumped 16.9 percent. Strong global demand for pork is responsible for supporting these higher hog prices.
Crop product prices climbed 3.1 percent due to increases in prices for other crop products which were up 3.2 percent. Strong demand from China, as well as concerns about production and cold winter weather played a part in these price increases.
Year over year, the RMPI fell 0.3 percent. This decline was mostly driven by a plunge of 25.9 percent in prices for crude energy products, which was moderated by an increase of 28.4 percent increase in prices for metal ores, concentrates and scrap. Enditem
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