The Industrial Product Price Index rose 3.1% month over month in February and 16.4% year over year. The Raw Materials Price Index rose 6.0% month over month in February and 29.8% year over year.
Industrial Product Price Index
In February 2022, the Industrial Product Price Index rose 3.1% month over month and 16.4% year over year. This was the sixth consecutive monthly increase, and the largest monthly gain in more than 42 years, since January 1980 (+3.8%).
In February, prices for energy and petroleum products rose 8.5% month over month and 44.6% compared with the same month in 2021. The price of motor gasoline exiting refineries in Canada was up 8.0% in February on a month-over-month basis, and was 42.1% higher than February 2021. The price of diesel fuel exiting refineries in Canada rose 9.2% month over month and 47.8% year over year. These increases were mostly attributable to higher prices for crude oil. Russia's aggression against Ukraine and sanctions against Russia contributed to market uncertainty about oil supply going forward. This occurred while global oil inventories were low. According to the U.S. Energy Information Administration, commercial oil inventories in the Organisation for Economic Co-operation and Development were at their lowest level since mid-2014.
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