Farm Product Price Index

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Prices farmers received for their commodities in August was up 7.7% from August 2010, as overall livestock and animal products prices and crops prices continued to advance. August marked the 13th consecutive year-over-year increase, but at a slower rate and the first single-digit increase since December 2010.

The 12-month change in the Farm Product Price Index

Chart description: The 12-month change in the Farm Product Price Index

In the 12 months to August, both the livestock and animal product index (+12.5%) and the total crops index (+3.4%) advanced.

Compared with August 2010, advances were recorded in all livestock commodities, ranging from 3.3% for dairy to 19.4% for poultry.

The cattle and calves index (+16.0%) and the hogs index (+13.7%) were the largest contributors to the livestock and animal products index. Except for a 0.5% decline of the hog index in May 2011, both of these commodities have continued their double-digit growth since August 2010. Lower inventories of cattle and hogs in North America as well as higher feed grain costs have contributed to higher livestock and animal product prices.

Oilseed prices (+24.6%) continued to be the largest contributor to the advance in crop prices, followed by specialty crops (+22.3%) and grains (+6.5%). The year-over-year increase in the crops index was moderated by lower prices for fruit (-7.7%) and vegetables (-3.8%).

On a monthly basis, following no changes in July, the index rose 0.7% in August. An increase in the livestock and animal products index was partially offset by a drop in the crops index.

Note: The growth rate of the total Farm Product Price Index (FPPI) is derived from a weighted average of the component indices using a different set of weights in consecutive months; it is not a weighted average of the growth rates of its crop and livestock components. Given this, the growth rate of the composite FPPI can lie outside the growth rate of these components.

Available on CANSIM: tables 002-0021 and 002-0022.

Definitions, data sources and methods: survey number 5040.

The August 2011 issue of Farm Product Price Index, Vol. 11, no. 8 (21-007-X, free), is now available from the Key resource module of our website under Publications.

For more information, or to order data, call Client Services (toll-free 1-800-465-1991). To enquire about the concepts, methods or data quality of this release, contact Gail-Ann Breese (204-983-3445; fax: 204-983-7543; gail-ann.breese@statcan.gc.ca), Agriculture Division.