UPDATE 1-Canada industrial prices drop by 0.1 percent in October

Thu Nov 29, 2012 8:36am EST
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* Industrial product prices down by 0.1 percent

* Raw materials prices unchanged

OTTAWA Nov 29 (Reuters) - Canada's producer price index dropped by 0.1 percent in October from September on lower prices for petroleum and coal products, Statistics Canada said on Thursday.

The drop, which matched market expectations, means the index returned to the same level it was at in January.

Of the 21 major commodity groups, 12 posted increases, five fell while four were unchanged. The largest contributor to the overall drop in the index in October was a 1.1 percent decrease in prices for petroleum and coal products.

Raw material prices were unchanged in October, when a 2.3 percent decrease in non-ferrous metals was partly offset by a 0.5 percent increase in crude oil prices. Analysts had predicted a 0.9 percent drop from September.

Compared with October 2011, industrial product prices fell by 0.2 percent, the third consecutive year-on-year drop. Raw materials prices dropped by 2.8 percent from October 2011, the eighth year-on-year decline in a row.