RTTNews - Canadian industrial product and raw material prices turned lower in July, mainly due to falling petroleum prices, according to data released Friday morning by Stats Canada.
The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) declined 0.5% and 3.8% respectively in July compared with June.
July's decrease in the IPPI followed an increase of 0.5% in June. The index registered its lowest level in the past 18 months. Furthermore, it was down 7.0% from the peak reached in August 2008.
The IPPI was pulled down to a large extent by the 5.2% reduction in petroleum and coal prices. The decline in petroleum and coal prices in July followed three consecutive monthly increases, including a substantial 10.8% gain in June.
Year over year, the IPPI declined 6.9% in July, strengthening the downward trend for a fifth consecutive month.
The RMPI fell 3.8% in July, in contrast with increases of 2.2% in May and 6.2% in June.
Prices for mineral fuels fell 6.8% in July, following two consecutive monthly increases, including a 12.4% rise in June. The drop in mineral fuels was mainly due to the 7.2% decrease in the price for crude oil. Excluding mineral fuels, the RMPI declined 0.8%, after rising 0.7% in June.
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