Canada's industrial product prices rise 0.8% in March

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) rose 0.8% in March 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 estimates.

The figure for February was revised up to a gain of 1.1%, from an increase of 0.7%.

"After four consecutive months of declines, prices for meat, fish and dairy products increased 3.1% in March," Statistics Canada said in a statement.

Annually, however, IPPI in March was 0.5% lower compared to the same month of last year.

The annual IPPI figure for February was revised to a decline of 1.4%, from a decrease of 1.7%.

Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), jumped 4.7% on a monthly basis in March, marking the largest monthly increase since March 2022.

The figure came much higher than the market expectation of a 2.9% gain, after increasing 2.1% in February.

Prices for crude energy products rose 8.1% in March, leading the increase in the RMPI, according to Statistics Canada.

On an annual basis, RMPI increased 0.8% in March, recording its first year-on-year increase since September 2023, the agency noted.

RMPI in February showed an annual decline of 4.7% in February.