Canada's industrial product prices fall 0.1% in January

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) fell 0.1% in January from the previous month, according to figures released Monday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, came in line with market expectations.

The figure for December was revised to a decline of 1.6%, from a decrease of 1.5%.

Annually, IPPI in January was 2.9% lower compared to the same month of last year.

"The prices for energy and petroleum products fell 0.7% month over month in January 2024," Statistics Canada said in a statement.

Despite the price of crude energy products rising 3% in January, prices declined for refined petroleum energy products by 1.2%, including diesel fuel 2.1% and jet fuel 2.8%, it added.

Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), increased 1.2% on a monthly basis in January.

On an annual basis, however, RMPI decreased 6.4% year-on-year.