Industrial Product Price Index: Flash estimates, May 2020
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Released: 2020-06-12
To provide Canadians with economic data in as timely a fashion as possible, Statistics Canada is releasing early estimates of the Industrial Product Price Index (IPPI) for May 2020. These are referred to as flash estimates and will be subject to revision when the index is officially released on June 29. Given that flash estimates are calculated with preliminary data, these values should be used with caution.
On a monthly basis, the IPPI increased by 1.2% in May, the first gain in 2020.
The largest contributor to the increase in the IPPI in May was prices for meat products, which were up 12.6%. Within the meats category, fresh and frozen pork was up 30.4%, the largest increase ever reported. Prices for fresh and frozen beef and veal (+6.1%), as well as processed meat products, other meats and animal by-products (+7.5%) were also up.
Meat plants across Canada and the United States were affected by COVID-19, resulting in closures or reduced production capacity. This led to reduced market supply in May, and therefore higher prices.
Refined petroleum energy products, and biofuels (+9.4%) also contributed significantly to the increase in IPPI.
Chart 1
Industrial Product Price Index (2018 to 2020)
Chart 2
Fresh and frozen pork and fresh and frozen beef and veal (2018 to 2020)
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