Canada's industrial product prices fall 1.1% in December

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) fell 1.1% in December, compared to the previous month, according to figures released Wednesday.

The index, which measures the change in the price of domestically produced goods sold by manufacturers, was expected to decrease 0.3%, while it declined 0.5% in November.

On an annual basis, however, the index increased 7.6% in December, after rising 9.4% in the previous month.

"Prices for energy and petroleum products fell for a second consecutive month in December, leading the monthly decrease in the IPPI," Statistics Canada said in a statement, noting that the figures declined 9.8%.

Lower prices for crude energy products, which fell 9.3%, were mainly responsible for the monthly decrease in the raw materials price index, it added.