Statistics Canada announces monthly prices for manufactured goods at the factory gate were down in February, as lower prices were registered for petroleum products. Raw materials prices also decreased in February, as prices for crude oil and natural gas declined.
Prices charged by manufacturers, as measured by the Industrial Product Price Index (IPPI), were down 0.4 percent from January to February. Lower prices for petroleum, lumber and chemical products were the major contributors to this monthly decrease.
The 12-month change in the IPPI was 0.6 percent, a significant decrease from January's year-over-year increase of 2.3 percent. Higher prices for petroleum products and chemical products were the major contributors to this annual increase.
The Raw Materials Price Index (RMPI) was down 3.2 percent from January to February, following an increase of 4.9 percent in January and due to lower prices for mineral fuels and animals and animal products. Compared to February of last year, raw materials cost factories 10.6 percent more, down from the 12-month change of 17.7 percent in January.
In February, the IPPI (1997=100) stood at 111.3, down from January's revised level of 111.8. The RMPI Chemical products fell 0.7 percent from the previous month as lower prices were observed for industrial chemicals and fertilizers.
Prices for motor vehicles, rubber, leather and plastic fabricated products, machinery and equipment as well as electricaland communication products also registered decreases from the previous month.
Prices for non-ferrous metals rose 31.2 percent, mainly because of higher prices for radio-active concentrates, zinc concentrates, copper concentrates, gold and lead. Prices for vegetable products were up 2.5 percent from a year ago due to year-over-year increases for natural rubber, unrefined sugar and corn. Higher prices from a year ago were also observed for non-metallic minerals.
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