Industrial product and raw materials price indexes, April 2025
Released: 2025-05-22
April 2025
-0.8% 
(monthly change)
April 2025
-0.5%
(monthly change)
April 2025
-3.0%
(monthly change)
April 2025
-0.3%
(monthly change)
In April, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.8% month over month and increased 2.0% year over year. Meanwhile, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), fell 3.0% month over month and declined 3.6% year over year.
Chart 1
Prices for industrial products decline in April
Industrial Product Price Index
The IPPI fell 0.8% month over month in April, after posting six consecutive months of increases.
As prices for some products in the IPPI are reported in US dollars, changes in the CAD-USD exchange rate can exert an influence on the index. The Canadian dollar appreciated 2.7% against the US dollar from March to April. If the average monthly exchange rate had remained constant from March to April, the IPPI would have declined 0.5% month over month instead of decreasing 0.8%.
Prices for energy and petroleum products had the largest downward impact on the IPPI in April, decreasing 3.6% month over month. The decline was mainly due to lower prices for refined petroleum energy products (-3.5%), especially diesel fuel (-4.1%). Finished motor gasoline (-0.5%) contributed to the decrease to a lesser extent, as rising demand in the second half of April moderated its price drop. Lower prices for refined petroleum products were driven by a decrease in the prices of conventional crude oil (-9.4%), their primary production input.
Excluding energy and petroleum products, the IPPI dropped 0.5% in April. If the average monthly exchange rate had remained constant from March to April, the IPPI excluding energy and petroleum products would have decreased 0.1% month over month instead of 0.5%.
The prices of primary non-ferrous metal products declined 2.8% on a monthly basis in April. Despite higher prices for unwrought gold and gold alloys (+5.0%), prices fell for a number of other metals, including unwrought aluminum and aluminum alloys (-7.4%), unwrought silver and silver alloys (-5.5%), and unwrought copper and copper alloys (-8.1%). Most metals experienced declining prices in April as international trade uncertainty caused global demand concerns. Gold prices were a notable exception as they continued to gain from safe haven investment demand.
Prices for lumber and other wood products declined 4.4% month over month in April. This was the largest monthly downturn for this commodity group since January 2023 (-4.8%). Prices for softwood lumber (-11.1%) posted their largest month-over-month decrease since June 2022 (-29.4%) and were the main driver for the monthly decline in April 2025. Many buyers decided not to increase their inventory due to potential tariffs, exerting downward pressure on prices.
Prices for motorized and recreational vehicles fell 0.9% on a monthly basis in April, posting their largest monthly decline since June 2020 (-1.2%). If the average monthly exchange rate had remained constant from March to April 2025, prices for motorized and recreational vehicles would have decreased 0.2% instead of 0.9%. The decline was mainly driven by motor vehicle engines and motor vehicle parts (-1.2%) and aircraft engines, aircraft parts and other aerospace equipment (-2.5%).
Prices for fruit, vegetables, feed and other food products increased 2.0% in April, notably pushed up by higher prices for canola or rapeseed oil (+8.4%). Rising input costs played a role in this increase; as measured in the RMPI, prices for canola (including rapeseed) increased 12.0% in April. Demand for Canadian canola was strong over the 12 months ending in April, particularly in markets overseas. According to data from the Canadian Grain Commission, year-to-date canola exports for the week ending April 28 were 69.3% higher than they were a year prior. Although China imposed tariffs on Canadian canola oil and meal in March, tariffs were not applied on canola seeds, the Canadian canola product that is most exported to China.
Prices for meat, fish and dairy products rose 2.2% month over month in April, marking the fifth consecutive monthly increase for this commodity group. This was the largest monthly growth for this commodity group since June 2024 (+2.8%) and it was mainly driven by higher prices for fresh and frozen beef and veal (+4.8%). High cattle costs along with ongoing tight domestic supply put upward pressure on beef prices in April 2025. According to data from Agriculture and Agri-Food Canada, Canadian cattle slaughter numbers fell on a monthly and yearly basis in April. Higher seasonal demand also contributed to higher prices for beef. Fresh and frozen chicken (+3.9%) further contributed to the commodity group's monthly growth as tightened domestic supply helped drive up prices.
Year over year
The IPPI increased 2.0% year over year in April. This was the seventh consecutive year-over-year increase.
Unwrought gold and gold alloys (+40.9%) was the sub-group with the largest contribution to the IPPI's year-over-year gain in April. Gold prices were supported by strong investment demand over the 12 months ending in April. Other key upward contributors included unwrought silver and silver alloys (+19.8%), unwrought aluminum and aluminum alloys (+18.0%), and fresh and frozen beef and veal (+13.9%).
Finished motor gasoline (-14.6%) was the key moderator of the IPPI's year-over-year increase in April. The large year-over-year decrease for this subgroup is partially explained by a base effect, as prices for finished motor gasoline rose 6.7% in April 2024 due to rising crude prices and higher seasonal demand. Other relevant downward contributors in April 2025 included diesel fuel (-5.1%) and unwrought nickel and nickel alloys (-14.7%).
Raw Materials Price Index
The RMPI declined 3.0% month over month in April, leading to a second consecutive monthly decrease and marking the index's largest monthly downturn since September 2024 (-3.3%). Excluding crude energy products, the RMPI fell 0.3% in April 2025.
Prices for crude energy products (-8.1%) were the leading driver of the RMPI's decline in April, mainly due to lower prices for conventional crude oil (-9.4%); this was the third consecutive month where prices declined for crude energy products. Synthetic crude oil prices (-6.1%) also declined and contributed to the crude price decline, albeit to a smaller degree. Ongoing concerns of weakening oil demand as a result of global economic uncertainty put downward pressure on crude prices. Furthermore, the decision of eight OPEC+ (the Organization of the Petroleum Exporting Countries and its partners) members to increase their pre-planned production target in May also drove crude prices down.
Prices for metal ores, concentrates and scrap decreased 1.5% month over month in April. While the prices of gold ores, concentrates and mill bullion rose 5.2%, this increase was outweighed by declines in other subcategories. In particular, silver ores, concentrates and mill bullion (-6.8%) and nickel ores and concentrates (-8.2%) experienced notable price declines associated with global trade uncertainty.
Year over year
The RMPI fell 3.6% on a yearly basis in April, after posting five consecutive months of year-over-year increases. Excluding crude energy products, the RMPI posted a 10.1% year-over-year rise in April.
The RMPI's year-over-year decline in April was headlined by drops for conventional crude oil (-24.5%) and synthetic crude oil (-23.9%). These were the largest year-over-year decreases since June 2023 (-36.2%) for conventional crude oil and September 2024 (-28.9%) for synthetic crude oil. Both products have had a downward price trend since April 2024.
Prices rose on a year-over-year basis for gold, silver, and platinum group metal ores and concentrates (+27.7%) and were the main moderator of the RMPI's year-over-year decrease in April 2025. Other key moderating subgroups included cattle and calves (+16.6%) and other miscellaneous crop products (+33.9%).
Chart 2
Prices for raw materials decline in April
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Note to readers
The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) are available at the Canada level. Selected commodity groups within the IPPI are also available by region.
With each release, data for the previous six months may have been revised. The indexes are not seasonally adjusted.
The IPPI reflects the prices that producers in Canada receive as goods leave the factory gate. The IPPI does not reflect what the consumer pays. Unlike the Consumer Price Index, the IPPI excludes indirect taxes, such as sales taxes and tariffs, and all costs that occur between the time a good leaves the plant and the time the final user takes possession of the good. This includes transportation, wholesale and retail costs. Although the IPPI does not measure the direct effect of tariffs on prices, tariffs may indirectly influence prices measured in the IPPI. For example, inputs used in the production process that are imported and on which Canada imposes a tariff may raise the prices charged by Canadian producers. Tariffs on Canadian imports or exports may also indirectly influence prices in the IPPI through their impact on supply and demand dynamics.
Canadian producers export many goods. Canadian producers often indicate goods' prices in foreign currencies, especially in US dollars, which are then converted into Canadian dollars. This is particularly the case for motor vehicles, pulp and paper products, and wood products. Therefore, fluctuations in the value of the Canadian dollar against its US counterpart affect the IPPI. However, the conversion to Canadian dollars reflects only how respondents provide their prices. This is not a measure that takes into account the full effect of exchange rates.
The conversion of prices received in US dollars is based on the average monthly exchange rate established by the Bank of Canada and available in Table 33-10-0163-01 (series v111666275). Monthly and annual variations in the exchange rate, as described in the release, are calculated according to the indirect quotation of the exchange rate (for example, CAN$1 = US$X).
The RMPI reflects the prices paid by Canadian manufacturers for key raw materials. The RMPI includes all charges purchasers incur to bring a commodity to the establishment gate, including transportation charges, net taxes paid, and customs duties and tariffs paid on imported raw materials. Many of the prices measured by the RMPI are set on the world market. However, as few prices are denominated in foreign currencies, their conversion into Canadian dollars has only a minor effect on the calculation of the RMPI.
Products
Statistics Canada launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. This webpage provides Canadians with a single point of access to a variety of statistics and measures related to producer prices.
The video "Producer price indexes" is available on the Statistics Canada Training Institute webpage. It introduces Statistics Canada's producer price indexes: what they are, how they are made and what they are used for.
Next release
The industrial product and raw materials price indexes for May will be released on June 20.
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 (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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