Canada's industrial product prices rise 1.5% in April

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) rose 1.5% in April from the previous month, according to figures released Tuesday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, was expected to show a 0.8% increase.

The figure for March was revised up to a gain of 0.9%, from an increase of 0.8%.

"Prices for energy and petroleum products increased for the third consecutive month in April, up 2.5% on a monthly basis," Statistics Canada said in a statement. "Prices for finished motor gasoline rose 6.7%."

"Gasoline prices corresponded with the higher price of crude oil and the increased cost of summer blended gasoline. Higher seasonal demand also contributed to the price increase," it added.

Annually, IPPI in April was 1.4% higher compared to the same month last year.

The annual IPPI figure for March was revised to show a decline of 0.4% from a decrease of 0.5%.

Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), jumped 5.5% on a monthly basis in April, according to the agency.

While the figure came much higher than expectations of a 3.1% gain, it marked the largest increase since March 2022, it said.

RMPI for March was revised down to show a rise of 4.3% from an increase of 4.7%.

"Crude energy products increased 5.8% in April," said the statement, adding conventional crude oil was the main contributor to the increase with a gain of 6.2%.

On an annual basis, RMPI increased 3.1% in April.

The annual RMPI figure for March was revised down to a gain of 0.4% from a rise of 0.8%.