Industrial Product Price Index: Flash estimates, January 2021
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Released: 2021-02-12
According to flash estimates, the Industrial Product Price Index (IPPI) increased 1.9% in January. Excluding energy and petroleum products, the IPPI rose 1.4%.
The price of softwood lumber increased 19.0% in January. Softwood lumber was up 112.1% year over year, a trend underpinned by persistent demand.
Energy and petroleum product prices rose 6.8%, driven primarily by higher prices for refined petroleum energy products (+7.0%). This gain was mostly attributable to higher prices for crude oil.
Prices for primary non-ferrous metal products increased 1.5%, mostly as a result of a 1.7% gain in unwrought gold, silver, and platinum metals.
Year over year, the IPPI was up 3.8%. Excluding energy and petroleum products, the IPPI increased 5.9% year over year.
Chart 1
Industrial Product Price Index (January 2018 to January 2021)
Chart 2
Softwood lumber (January 2018 to January 2021)
Note to readers
To provide Canadians with timely economic data, Statistics Canada is releasing early estimates of the Industrial Product Price Index (IPPI) for December 2020. These are referred to as flash estimates and are subject to revision when the index is officially released on February 26, 2021. Because flash estimates are calculated using preliminary data, these values should be used with caution.
Basket update and methodology changes
Starting with the October 2020 reference period, the IPPI and Raw Materials Price Index (RMPI) are using an updated basket and methodology. The indexes have been converted from 2010 = 100 to January 2020 = 100 and have been updated to use a weighting pattern based on the 2016 production values of Canadian manufacturers.
At the same time, the IPPI and RMPI have been modernized with the adoption of a weighted geometric (Jevons) formula and the incorporation of parental imputation as the default imputation methodology for missing price quotes.
The IPPI and RMPI are now using the North American Product Classification System Canada 2017 version 2.0 and the North American Industry Classification System Canada 2017 version 3.0.
Products
The product "Industrial Product Price Index: Annual review, 2020" is now available. This document is a review of how producer prices, as measured by the IPPI, changed in 2020 compared with 2019. The effects of the COVID-19 pandemic on the global economy had a substantial influence on the prices of many commodities sold by manufacturers operating in Canada in 2020. Prices for energy and petroleum products, primary non-ferrous metal products, lumber and other wood products, and meat, fish, and dairy products contributed the most to the change in the IPPI in 2020.
Products
The product Industrial Product Price Index: Annual review, 2020 is now available as part of the Prices Analytical Series (62F0014M).
Contact information
For more information, or to enquire about the concepts, methods, or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).
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