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Industrial Product Price Index: Flash estimates, July 2020

Released: 2020-08-11

To provide Canadians with timely economic data, Statistics Canada is releasing early estimates of the Industrial Product Price Index (IPPI) for July 2020. These are referred to as flash estimates and will be subject to revision when the index is officially released on August 31. Given that flash estimates are calculated with preliminary data, these values should be used with caution.

In July, the IPPI was up 0.5% on a month-over-month basis, its third consecutive monthly increase. Excluding energy and petroleum products, the IPPI rose by 0.2%. The growth in the IPPI was primarily due to higher prices for energy and petroleum products (+4.5%). Prices for refined petroleum energy products and biofuels (+5.5%) were the biggest contributors, particularly motor gasoline (+5.3%), light fuel oils (+6.4%) and diesel fuel (+5.6%). Prices for primary non-ferrous metal products (+4.6%), especially unwrought silver and silver alloys (+14.8%), unwrought gold and gold alloys (+5.9%), and unwrought copper and copper alloys (+10.3%), were also an important factor in the increase of the IPPI. Prices for lumber and other wood products (+1.7%), particularly softwood lumber (except tongue and groove and other edge worked lumber) (+17.9%), also contributed to the gain, but to a lesser degree.

Prices for meat, fish, and dairy products (-2.1%) posted a decrease in July, mostly due to lower prices for fresh and frozen beef and veal (-10.2%). Chemicals and chemical products (-1.0%) also decreased.

Chart 1  Chart 1: Industrial Product Price Index (2018 to July 2020)
Industrial Product Price Index (2018 to July 2020)

Chart 2  Chart 2: Silver, gold, and copper (2018 to July 2020)
Silver, gold, and copper (2018 to July 2020)

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