Canada’s industrial product price index (IPPI) fell 1% in October from the previous month, according to figures released Friday.
The index, which measures the change in the price of domestically produced goods sold by manufacturers, came against market estimates of a 0.2% increase, after it rose 0.4% in September.
On an annual basis, the index was down 2.7% in October, compared to the same period last year, following an annual gain of 0.6% in September.
“Prices for energy and petroleum products fell 5.7% month over month in October, after posting four months of consecutive increases,” Statistics Canada said in a statement.
Prices for crude energy products dropped 4.7% in October, mainly due to lower prices for conventional crude oil with a decline of 3.7%, according to the agency.
“Crude oil prices were highly volatile in October, with ongoing geopolitical instability in the Middle East having an upward impact on prices, while falling demand and concerns about future demand had a mostly negative impact on prices, pushing the monthly price down compared with September,” it said in a report.
Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), dropped 2.5% on a monthly basis in September and 0.8% year-on-year.
Source : aa
