Industrial producer prices in Canada fell by 0.6% over a month in September of 2024, compared with market estimates of a 0.5% drop and following a revised 0.9% decline in the prior period.
Canada producer prices fall in September
This marked the second consecutive month of producer deflation, led by lower energy and petroleum prices (-6.5%), especially for motor gasoline (-10.0%) and diesel (-6.6%), partly due to cheaper crude oil. Additional downward pressure came from prices for meat, fish and dairy products (-1.1%), namely fresh and frozen pork (-3.1%), due to abundant supply and slow seasonal demand in September. On the other hand, multiple product groups saw increases, including primary non-ferrous metal products (+1%) and lumber and other wood products (+1.2%).
Core produce prices
Excluding energy and petroleum products, the IPPI rose by 0.2%. Yearly, producer prices decreased by 0.9% in September, after a 0.2% rise in the prior month.
