Statistics Canada released its industrial product and raw materials price indexes on Monday. The Industrial Product Price Index (IPPI) climbed 0.5% in January, after a 0.3% decline in December. December's figure was revised down from 0.2% decrease.

The increase was mainly driven by higher prices for motorized and recreational vehicles, which rose 2.7% in January.

18 of the 21 commodity groups increased and 3 declined.

The Raw Materials Price Index (RMPI) dropped 0.4% in January, after a 5.2% fall in December. December's figure was revised down from a 5.0% decline.

The drop was driven by lower prices for crude energy products. Crude energy products plunged by 4.2% in January.

4 of the 6 commodity groups rose and 2 decreased.