Industrial Product Price Index: Flash estimates, June 2021
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Released: 2021-07-14
The Industrial Product Price Index (IPPI) decreased by 0.4% month over month in June. Year over year, the index was up 16.2%.
Lumber and other wood products (-6.9%) were the largest contributing factors to the monthly decline in the IPPI. The decrease in this group was mostly due to lower prices for softwood lumber, which fell 12.8% following record monthly growth in May (+25.0%). This is the first time softwood lumber has fallen since November 2020 (-15.0%). Despite the monthly decrease, prices for softwood lumber were 172.6% higher than in June 2020.
To a lesser extent, prices for chemicals and chemical products (-1.4%) also contributed to the dip in the IPPI. The decrease was mostly due to lower prices for petrochemicals (-13.9%), which reported their largest monthly decline since April 2020 (-24.6%). Year over year, prices for petrochemicals were still higher (+64.0%) when compared with June 2020.
Prices for fruit, vegetables, feed and other food products were down 1.4% in June. This is the first monthly decline for the group since August 2020 (-0.4%). The drop is mostly attributable to lower prices for grain and oilseed products, n.e.c. (-8.5%).
Prices in the primary non-ferrous metals commodity group (-0.8%) also fell in June. This decrease was led by lower prices for unwrought gold, silver, and platinum group metals, and their alloys (-1.4%), as well as unwrought copper and copper alloys (-4.9%).
Higher prices for meat, fish and dairy products (+2.0%) moderated the monthly decline in the IPPI. Prices for this commodity group have been rising for six consecutive months. The increase in this group was mostly due to higher prices for fresh and frozen pork (+6.6%), as well as fresh and frozen poultry of all types (+5.2%).
Prices for energy and petroleum products rose 1.0%, driven mainly by refined petroleum energy products (including liquid biofuels) (+0.7%). These increases are partially attributable to higher prices for crude oil, their primary input.
Chart 1
Industrial Product Price Index (January 2018 to June 2021)
Chart 2
Softwood lumber (January 2018 to June 2021)
Note to readers
Statistics Canada is releasing early estimates of the Industrial Product Price Index (IPPI) for June 2021 to provide Canadians with timely economic data. These are referred to as flash estimates and are subject to revision when the index is officially released on July 30, 2021. As the flash estimates are calculated using preliminary data, these values should be used with caution.
Products
The product "Industrial Product Price Index: Annual review, 2020" is now available as part of the Prices Analytical Series (62F0014M).
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