Canada's industrial product prices rise 0.7% in February

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) rose 0.7% in February from the previous month, according to figures released Monday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, was expected to show no monthly change, according to market estimates.

The figure followed four months of consecutive declines, while showing a decrease of 0.1% in January.

"This increase was driven by higher prices for energy and petroleum products," Statistics Canada said in a statement. "The prices of energy and petroleum products were up 5.2% in February, after four straight monthly declines."

Annually, however, IPPI in February was 1.7% lower compared to the same month of last year, following a 2.9% year-on-year decline in January.

Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), increased 2.1% on a monthly basis in February.

The figure posted a 1.2% monthly increase in January.

On an annual basis, RMPI decreased 4.7% in February to post its fifth consecutive year-on-year decline, according to Statistics Canada.