Indexes Move Higher in January

Two of the nation's medium-tier indexes forged higher in January.

Statistics Canada reported its Industrial Product Price Index rose 2.0% last month, mainly as a result of higher prices for lumber and other wood products, as well as energy and petroleum products.

Prices for lumber and other wood products (+10.8%) were the biggest contributor to the IPPI's growth. Prices for softwood lumber increased 19.0% in January, following a strong gain of 20.5% in December.

The Raw Materials Price Index progressed 5.7%, driven primarily by higher prices for crude energy products. This was the fourth straight monthly increase and the strongest gain since August 2020 (+5.7%). All six major product groups were up in January.

Crude energy product prices rose 11.4%, pulled upward mainly by higher prices for conventional crude oil (+11.5%), synthetic crude oil (+13.8%), and natural gas (+6.0%). However, compared with January 2020, crude energy prices fell 8.2%.