Prices increase for raw materials
The volatile movements of the RMPI are mainly a result of significant fluctuations in prices for mineral fuels, especially crude oil.
By CanadianManufacturing.com Staff | November 30, 2009
OTTAWA: The Raw Materials Price Index (RMPI) increased 2.5 per cent in October, according to Statistics Canada, following a one per cent decline in September. Raw material prices are continuing their upward trend that began in January 2009.
Prices for crude oil rose 5.9 per cent in October, following a 1.6 per cent drop in September.
The two per cent increase in prices for non-ferrous metals also contributed to the advance of the Raw Materials Price Index. Non-ferrous metals registered a third consecutive increase. Excluding mineral fuels, the RMPI posted zero growth in October, and the index has remained basically stable since May 2009.
From October 2008 to October 2009, raw material prices fell 7.6 per cent, a much smaller decrease than the 21.4 per cent year-over-year decline in September. The drop in raw material prices was mainly attributable to a 12.3 per cent reduction for mineral fuels and, to a lesser extent, a 6.9 per cent decrease in prices for animals and animal products. On the other hand, raw material prices were bolstered by higher prices for non-ferrous metals (+12.4 per cent).
