Canadian producer prices up 12.4% year over year in July, more than double February's pace

Statistics Canada reported the Industrial Product Price Index rose 12.4% year over year in July 2026, up from 5.4% in February. Producer prices gained 0.6% month over month. The IPPI tracks what manufacturers receive for output — a leading indicator for consumer inflation. US producer prices were flat the same month, pointing to Canada-specific drivers.