Industrial product prices dropped 1.2% month over month in August, the third consecutive monthly decrease, according to data released by Statistics Canada on Monday. .The data said industrial product prices have increased by 10.6% year over year. .The data went on to say energy and petroleum product prices fell 6.5% in August, leading the monthly decrease. It said refined petroleum energy product prices fell 7% because of lower prices for finished motor gasoline (-9.6%) and diesel fuel (-3.6%). .Despite the monthly decrease, refined petroleum energy product prices were 51.1% higher compared to this time last year and 65.1% higher compared with 2020. Falling prices for refined petroleum products are linked with lower prices for crude oil, which fell 9.6% in August. .Excluding energy and petroleum, the data said industrial product prices were down 0.3% in August. Ammonia and chemical fertilizers fell by 19.3%, a record monthly drop. .Volatility in the fertilizer market comes from natural gas prices, as it is the main source for nitrogen-based products. Fertilizer prices were up 42.8% year over year and up 95.8% compared with 2020. .The data said softwood lumber prices fell 7.5% in August, continuing the downward trend started in April. Prices were up 10.2% compared with one year ago and 68.9% higher than at the beginning of 2020. .Iron product prices were down 2.1% in August. Iron prices fell 6% year over year, the first decrease since 2020. .This announcement comes after it Canada’s inflation rate hit 7.6% in July, down from an 8.1% gain in June. .READ MORE: Canada’s inflation rate dropped to 7.6% in July.Prices, excluding gas, rose 6.6% year over year in July, following a 6.5% increase in June. .Gas prices rose 35.6% year over year in July after a 54.6% increase in June. Canadians paid 9.2% less for gas in July compared to the previous month, the largest monthly decline since 2020.
Industrial product prices dropped 1.2% month over month in August, the third consecutive monthly decrease, according to data released by Statistics Canada on Monday. .The data said industrial product prices have increased by 10.6% year over year. .The data went on to say energy and petroleum product prices fell 6.5% in August, leading the monthly decrease. It said refined petroleum energy product prices fell 7% because of lower prices for finished motor gasoline (-9.6%) and diesel fuel (-3.6%). .Despite the monthly decrease, refined petroleum energy product prices were 51.1% higher compared to this time last year and 65.1% higher compared with 2020. Falling prices for refined petroleum products are linked with lower prices for crude oil, which fell 9.6% in August. .Excluding energy and petroleum, the data said industrial product prices were down 0.3% in August. Ammonia and chemical fertilizers fell by 19.3%, a record monthly drop. .Volatility in the fertilizer market comes from natural gas prices, as it is the main source for nitrogen-based products. Fertilizer prices were up 42.8% year over year and up 95.8% compared with 2020. .The data said softwood lumber prices fell 7.5% in August, continuing the downward trend started in April. Prices were up 10.2% compared with one year ago and 68.9% higher than at the beginning of 2020. .Iron product prices were down 2.1% in August. Iron prices fell 6% year over year, the first decrease since 2020. .This announcement comes after it Canada’s inflation rate hit 7.6% in July, down from an 8.1% gain in June. .READ MORE: Canada’s inflation rate dropped to 7.6% in July.Prices, excluding gas, rose 6.6% year over year in July, following a 6.5% increase in June. .Gas prices rose 35.6% year over year in July after a 54.6% increase in June. Canadians paid 9.2% less for gas in July compared to the previous month, the largest monthly decline since 2020.
