OTTAWA, May 28 (Reuters) - Canadian producer prices declined more than expected in April, mainly weighed down by lower prices for energy and petroleum products, Statistics Canada said on Thursday
The price index fell 0.9 percent, topping economists’ forecasts for a decrease of 0.1 percent. Of the 21 commodity groups, 17 were down.
The main driver behind the decline was a 3.2 percent fall in prices for energy and petroleum products, led by lower prices for diesel fuel and light fuel oils. Excluding those energy and petroleum, producer prices still declined 0.6 percent, the first fall in that gauge since May 2014.
The decline in energy also weighed on prices on a yearly basis, with producer prices down 2.4 percent compared to April last year.
But higher prices for crude energy products helped raw materials rebound by 3.8 percent, greater than the 1.6 percent gain that had been expected.
Reporting by Leah Schnurr Editing by W Simon