The Industrial Product Price Index (IPPI) rose 4.0% month over month in March 2022, the largest monthly change on record since the series began in 1956. Year over year, the IPPI increased 18.5%, its biggest gain since December 1974. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), were up 11.8% on a monthly basis in March 2022 and up 42.7% year over year. The Russian invasion of Ukraine had effects on the prices of many commodities in March 2022.
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