Industrial Product Price Index: Flash estimates, August 2021
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Released: 2021-09-15
The Industrial Product Price Index (IPPI) decreased 0.3% month-over-month in August. Year over year, the index was up 14.2%.
The month-over-month decrease was mainly due to lower prices for softwood lumber (-22.3%), which posted its third consecutive monthly decline after a record increase in May (+25.0%). For the first time since September 2019, softwood lumber was down year over year in August (-14.2%). If lumber and other wood products were excluded from calculation, the IPPI would have posted a monthly increase of 0.7%.
The decline in the IPPI was largely moderated by higher prices for meat, fish and dairy products, as well as primary ferrous metal products.
Prices for meat, fish and dairy products were up 4.2% in August, after posting a 6.2% decline last month. Year over year, the group was 11.2% higher than August 2020.
Prices for primary ferrous metal products (+3.7%) have been growing for 12 consecutive months, driven primarily by higher prices for basic and semi-finished iron or steel products (+3.7%).
Prices for fruit, vegetables, feed and other food products increased 0.5%, led mainly by grain and oilseed products, n.e.c. (+3.5%). Prices for fabricated metal products and construction materials (+1.8%) were also up compared to July, mainly due to increases in metal building and construction materials (+2.2%). The growth in this group was partially correlated with the increase in iron and steel prices.
Chart 1
Industrial Product Price Index (January 2018 to August 2021)
Chart 2
Softwood lumber (January 2018 to August 2021)
Note to readers
Statistics Canada is releasing early estimates of the Industrial Product Price Index (IPPI) for August 2021 to provide Canadians with timely economic data. These are referred to as flash estimates and are subject to revision when the index is officially released on September 29, 2021. As the flash estimates are calculated using preliminary data, these values should be used with caution.
Products
The product "Industrial Product Price Index: Annual review, 2020" is now available as part of the Prices Analytical Series (62F0014M).
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