2026-01-21 13:30:00
- Prior was +6.1%
- Prices m/m % vs +0.3% expected
- Prior m/m +0.9%
Raw materials price index:
- Prices y/y vs +6.4% prior
- Prices m/m vs +0.3% prior
For background:
The Canadian Producer Price Index (PPI) and the Raw Materials Price Index (RMPI) are closely watched inflation gauges that sit earlier in the pricing pipeline than consumer inflation. They help explain where cost pressures are coming from before they reach households.
The PPI measures the prices that Canadian producers receive for goods as they leave the factory gate. It tracks price changes for a wide range of manufactured products, such as motor vehicles, machinery, energy products, and food. Importantly, it excludes indirect taxes, transportation margins, and retail markups, making it a cleaner view of underlying producer-level pricing. The index reflects prices received by domestic producers, whether goods are sold at home or exported, and is influenced heavily by commodity prices, exchange rates, and global supply chains.
The RMPI goes one step further upstream. It measures the prices paid by Canadian manufacturers for key raw materials, including crude oil, metals, lumber, grains, and other inputs. Because these prices tend to be volatile, the RMPI often moves sharply month to month and can act as an early warning signal for future changes in the PPI and, eventually, consumer inflation.
Together, the two reports help economists and markets assess cost pressures building in the economy, margins facing producers, and potential pass-through to consumer prices in the months ahead.
