Industrial Product Price Index
In July, the Industrial Product Price Index declined 2.1% month over month and increased 11.9% year over year.
Prices for energy and petroleum products dropped 11.6% month over month, after posting six consecutive monthly increases. This is the largest monthly decline for the group since April 2020 (-25.3%). Year over year, prices were 57.5% higher compared with July 2021. Diesel fuel (-13.4%) and motor gasoline (-12.6%) were mainly responsible for the decline in this group. These decreases were partially influenced by lower prices for crude oil, as well as reduced refiner margins. According to data from Natural Resources Canada, in July, the refining margin component of the pump price for regular gasoline in Canada fell 18.4%, and the same metric for diesel fell 20.3%. According to data from the U.S. Energy Information Administration (EIA), global consumption of petroleum fell from 99.3 million barrels per day in June to 98.8 million barrels per day in July.
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