Canadian industrial and raw materials prices unexpectedly declined last month as petroleum prices fell, official data indicated Thursday.
The Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada.
Economists expected industrial price to be flat, while raw materials prices were forecast to rise 1%.
The decrease in the Industrial Product Price Index (IPPI) in September followed a 0.5% advance in August. The agency said that since May, the level of the index has been fairly stable in its movement, alternating between upward and downward movements of similar size.
Petroleum and coal prices declined 2.6% after rising 6.2% in August. Of the 21 major product groups, 11 recorded a price decline while 3 increased. With the exception of petroleum and coal, the other product groups contributed only slightly to the movement of the IPPI.
