Product, raw material prices in Canada post annual gains in November

By Ovunc Kutlu

ISTANBUL (AA) - Prices of manufactured products and raw materials in Canada marked an annual increase in November, according to data released by the country's statistical authority on Monday, as the country struggles with high inflation.

Prices of manufactured products were 9.7% higher in November compared to the same month last year. But, they showed a 0.4% monthly decline from October, Statistics Canada said in a statement.

Prices of raw materials purchased by manufacturers operating in Canada increased 8% year-on-year in November, but fell 0.8% monthly, it added.

Though energy and petroleum products led the decline in monthly industrial product prices, they were up a whopping 40.8% in November from the same month of last year.

"Prices for natural gas were up 30.3% in November. This month-over-month movement was the largest on record for this series, which began in January 1980. It was a result of low prices in October 2022," the agency said in a statement.

"November prices for natural gas returned to a level just under what was observed in June. Demand for Canadian natural gas is driven both by domestic consumption and by exports to the US. Natural gas usage and prices also tend to show seasonal increases in the winter months, as it is used for heating," it noted.