- Prior was 2.4%
- PPI Y/Y +11.4% vs +7.8% prior
- Raw materials price index M/M +2.6% vs +12.0% prior
- Raw material price index Y/Y +31.6% vs +23.6% prior
For background, Canada’s two key producer price gauges, the Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI), are published monthly by Statistics Canada, typically around the 20th of the following month. The IPPI measures prices received by Canadian manufacturers for goods sold at the factory gate, excluding indirect taxes, tariffs, and downstream transportation or distribution costs. The RMPI, by contrast, captures prices paid by Canadian manufacturers for key raw material inputs, including freight, net taxes, and duties, making it a useful leading indicator for pipeline cost pressures. Both are reported on a January 2020 = 100 base and feed into the calculation of real GDP by industry in the national accounts. While the IPPI does not measure the direct impact of tariffs, cross-border duties can influence the series indirectly through input costs and supply-demand dynamics, a factor that has drawn extra attention amid recent Canada-U.S
