The Industrial Product Price Index (IPPI) rose 0.4% in January, mainly due to higher prices for energy and petroleum products. The Raw Materials Price Index (RMPI) increased 1.7%, led by higher prices for animals and animal products.

The IPPI (+0.4%) increased for a fifth consecutive month in January, following a 0.3% gain in December. Of the 21 major commodity groups, 6 were up, 10 were down and 5 were unchanged.

Prices for energy and petroleum products (+2.7%) were largely responsible for the gain in the IPPI in January. The increase in this commodity group was mainly attributable to higher prices for motor gasoline (+3.0%) and heavy fuel oils (+8.6%). The price of lubricants and other petroleum refinery products (+4.5%), diesel fuel (+1.3%) and jet fuel (+4.5%) also contributed to the increase in energy and petroleum products, but to a lesser extent. The IPPI excluding energy and petroleum products edged up 0.1%.