Industrial product and raw materials price indexes: Basket update, 2024

Released: 2024-09-16

The Industrial Product Price Index (IPPI) and Raw Materials Price Index (RMPI) will implement a basket update on September 20, with the release of August 2024 data. The current weights are based on 2016 production values. With this update, the weights of the index values will reflect 2019 production values of Canadian manufacturers, based on data from the Supply and Use Tables, the Annual Survey of Manufactures and Logging and alternative data sources. The 2019 basket will be linked to the 2016 basket at the July 2024 reference period, so movements up to this period will reflect previous baskets, while movements for August 2024 onwards will reflect the 2019 basket.

Table 1 and Table 2 below contain the 2016 and 2019 relative importance of major commodity groups in the IPPI and the RMPI, respectively.

In addition, the IPPI and RMPI series will migrate from the North American Product Classification System (NAPCS) 2017 Version 2.0 to NAPCS 2022 Version 1.0. IPPI series aggregated according to the North American Industry Classification System (NAICS) 2017 Version 3.0 will also migrate to the NAICS 2022 Version 1.0. As a result, there will be several modifications, including the addition of new series, the termination of series, and updates made to titles and definitions.

Table 3 and Table 4 contain vector concordances impacting table 18-10-0266 and table 18-10-0267, respectively. Data tables 18-10-0265, 18-10-0268 and 18-10-0272 were not impacted by changes to the classification system. NAPCS titles and notes detailing NAPCS code changes are available in the Correspondence Table North American Product Classification System (NAPCS) Canada 2017 Version 2.0 to North American Product Classification System (NAPCS) Canada 2022 Version 1.0, while NAICS titles and notes detailing NAICS code changes are available in the Correspondence Table North American Industry Classification System (NAICS) Canada 2017 Version 3.0 to North American Industry Classification System (NAICS) Canada 2022 Version 1.0. The Types of changes in the classification, including Codes, Titles and Classification Items (Based on GSIM) table contains descriptions of the Generic Statistical Information Model (GSIM) codes used in Table 3 and Table 4.

Series that existed in the previous basket and did not experience a code change (NAICS or NAPCS) will continue to be calculated relative to the same base period (January 2020 = 100). New series introduced under the classification system will be based in July 2024 (July 2024 = 100).

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; infostats@statcan.gc.ca) or Media Relations (613-951-4636; mediahotline@statcan.gc.ca).