Canadian factory prices and raw-material costs both rose twice as fast as economists predicted in November, led by petroleum and metals.
The industrial product price index advanced 1%, the fastest since June 2008, Statistics Canada said today. That exceeded the median prediction of a 0.5% increase in a Bloomberg survey of 15 economists.
Only one of the 21 product groups in the index declined: miscellaneous non-manufactured products, which includes agricultural goods such as honey.
Raw-materials prices rose 2.2%, more than the forecast of a 1.1% gain based on the median of 12 estimates. Fuel prices rose 2.1% and non-ferrous metals such as copper increased 4.8%.
Factory prices and raw material costs are recovering from a recession that started in the final quarter of 2008. Raw material costs rose on a year-over-year basis in November for the first time in 14 months, gaining 9.3%, the report said. Excluding the impact of a higher Canadian dollar, industrial prices rose 0.5% from a year earlier.
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