Statistics Canada’s industrial product price index increased 1.3% in July from the month before. Compared with a year earlier, prices were 13.5% higher, marking a 23rd straight annual increase. Energy costs were a primary driver, contributing significantly to the monthly and yearly gains.

The data underscores persistent inflationary pressures within the manufacturing and production sectors. Analysts note that sustained price hikes could influence broader consumer costs and monetary policy decisions in the coming months.