1 Min Read
OTTAWA (Reuters) - Cheaper gasoline offset price increases for cars and wood in Canada, leaving the industrial product prices index unchanged in May from April, Statistics Canada said on Friday.
Raw materials prices fell by 1.0 percent, predominantly because of cheaper crude.
The median forecast in a Reuters survey of analysts was for a 0.1 percent decline in industrial prices and a 2.0 percent fall in raw materials.
Motor vehicles and other transportation equipment were up 1.0 percent, and lumber and other wood product prices rose 1.7 percent, while gasoline was down 3.6 percent.
Some exporters are paid on the basis of U.S. dollar prices, and the 1.7 percent depreciation of the Canadian dollar consequently supported industrial prices. Without the exchange rate impact, prices would have been down 0.4 percent.
Reporting by Randall Palmer; Editing by Bernadette Baum