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Farm Product Price Index
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Prices farmers received for their commodities edged up 0.1% from June to July 2008, as a slight increase in the livestock and animal products index was offset by a 2.6% decline in the crops index. This was the second monthly decrease in the crops index since October 2007.
On an annual basis, prices received by producers for crops were up 39.5% in July compared with July 2007, maintaining double-digit increases which had begun in November 2006. Crop prices have found support from continued demand and uncertainty over new crop production.
The overall July prices for livestock and animal products increased 3.9% over their July 2007 level. This was the first year-to-year increase in the livestock index since August 2007 as all livestock commodities posted increases except hogs, which have been influenced by the North American supply, higher feed costs and the stronger Canadian dollar. During this 12-month period, the Canadian dollar rose 3.6% against the US dollar.
Note: The growth rate of the total Farm Product Price Index (FPPI) is not a weighted average of the growth rates of its crop and livestock components. The growth rate of the total FPPI is derived from a weighted average of the component indices using a different set of weights in consecutive months. Given this, the growth rate of the composite FPPI can lie outside the growth rate of the components.
Available on CANSIM: tables 002-0021 to 002-0022.
Definitions, data sources and methods: survey number 5040.
The July 2008 issue of Farm Product Price Index, Vol. 8, no. 7 (21-007-XWE, free) is now available from the Publications module of our website. Under Free Internet publications choose Agriculture.
For more information or to order data, call Client Services (toll-free 1-800-465-1991). To enquire about the concepts, methods or data quality of this release, contact Gail-Ann Breese (204-983-3445: fax: 204-983-7543; gail-ann.breese@statcan.gc.ca), Agriculture Division.
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