Canada: Raw Materials Price Index (RMPI) drops 2.4% in October

"Prices for products sold by Canadian manufacturers, as measured by the Industrial Product Price Index (IPPI), rose 0.2% in October, mostly driven by higher prices for meat, fish, and dairy products," Statistics Canada announced on Friday.

Key takeaways from the press release

• Year over year, the IPPI rose 5.3% in October, following a 6.3% increase in September.
• Prices for raw materials purchased by Canadian manufacturers, as measured by the Raw Materials Price Index (RMPI), fell 2.4%, mainly as a result of lower prices for crude energy products.
  • Compared with the same month a year earlier, the RMPI rose 7.7% in October, following a 14.5% increase in September.