According to Statistics Canada, the Industrial Product Price Index (IPPI) rose 1.0 percent in February, mainly because of higher prices for energy and petroleum products. The Raw Materials Price Index (RMPI) increased 5.7 percent, led by crude energy products.
The increase represents the fourth consecutive monthly advance. The increase in the IPPI was broad-based, as 16 of the 21 major commodity groups were up.
Motorized and recreational vehicles (+0.7 percent) posted a fifth consecutive increase, mainly as a result of higher prices for passenger cars and light trucks (+0.8 percent). The advance of the motorized and recreational vehicles index was closely linked to the depreciation of the Canadian dollar relative to the US dollar.
Additionally, the Raw Materials Price Index (RMPI) rose 5.7 percent in February, after advancing 2.8 percent in January. This was the third consecutive monthly increase and the largest gain since June 2009.
Among other commodity groups that posted gains were metal ores, concentrates and scrap (+0.5 percent) as well as logs, pulpwood, natural rubber and other forestry products (+0.7 percent).