Canada's raw materials prices dive 8.8% in September

By Ovunc Kutlu

ISTANBUL (AA) - Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), dove 8.8% in September, compared to the same month of last year.

This marked the biggest year-on-year decrease since July 2023, Statistics Canada said Tuesday in a statement.

Conventional crude oil, synthetic crude oil and canola were the largest contributors to the annual decrease in the RMPI during the month of September, which declined 21.4%, 28.4% and 23%, respectively.

The index posted a decline of 2.5% in August.

On a monthly basis, the RMPI declined 3.1% in September, marking the largest month-on-month decline since December 2023, said the statistical agency.

Excluding crude energy products, the RMPI was up 0.6% in September, it noted.

"Prices for crude energy products drove the RMPI's monthly decline in September, mainly due to lower prices for conventional crude oil 8.2%, which posted its largest monthly decrease since December 2023," said the statement.

While crude energy products' prices fell 8.5% during the month of September, conventional crude oil prices retreated 8.2%, it noted.