Some of the indices monitoring Canada's economic performance were facing downward in June.
Figures released Monday by Statistics Canada revealed that the Industrial Product Price Index (IPPI) declined 1.0% in June, mainly due to lower prices for energy and petroleum products.
The agency went on to say the decrease in the IPPI was mainly due to lower prices for energy and petroleum products (-4.1%), prices which experienced their largest decline since February 2016. The decline in this product group was mainly due to lower prices for motor gasoline (-4.0%), diesel fuel (-6.1%) and light fuel oil (-5.6%). The IPPI excluding energy and petroleum products was down 0.7%
Motorized and recreational vehicles (-1.5%) also contributed significantly to the decline in the IPPI in June. The IPPI rose 3.3% over the 12-month period ending in June, after posting a 5.2% increase in May.
Stats Can also said that its Raw Materials Price Index (RMPI, for short) sustained its second consecutive monthly decline and the largest decline since December 2015. Of the six major commodity groups, four were down, one was up and one was unchanged.
The decrease in the RMPI was primarily due to lower prices for crude energy products (-9.3%), particularly conventional crude oil (-9.6%). This was the largest decline in crude energy products since January 2016, when prices fell 11.7%.
The RMPI increased 2.2% in the 12-month period ending in June, after posting a 8.4% increase in May.
