Canada's industrial prices fall 1.2% in August for 3rd straight month

By Ovunc Kutlu

ANKARA (AA) – Canada's industrial product price index (IPPI) declined 1.2% in August compared to the previous month, according to official figures released on Monday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, was expected to rise 0.2% in August, while it declined 2.5% in July.

On an annual basis, however, the index increased 10.6% in August, after rising 11.5% in the previous month.

"Prices for energy and petroleum products fell 6.5% in August, leading the monthly decrease in the IPPI," Statistics Canada said in a statement.

Prices for refined petroleum energy products fell 7%, marking a second consecutive monthly decline, mainly due to lower prices for finished motor gasoline that plummeted 9.6%, and diesel fuel that fell 3.6%, it added.

Despite the monthly declines, however, prices for refined petroleum energy products were 51.1% higher compared with August 2021, and 65.1% higher compared with January 2020, according to the government agency.

Excluding energy and petroleum products, the IPPI was down 0.3% in August compared to the month before.