UPDATE 1-Canada producer prices rise at fastest rate since 2008

Thu Mar 28, 2013 8:43am EDT
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* Industrial product prices rise 1.4 pct

* Fastest rise in 4-1/2 years

* Raw materials prices up 2.2 pct

OTTAWA, March 28 (Reuters) - Canadian industrial product prices grew 1.4 percent in February from January, the biggest jump since June 2008 as prices for petroleum, coal and other commodities charged higher, according to Statistics Canada data on Thursday.

Raw materials prices rose 2.2 percent in the month, lifted mainly by crude oil.

Analysts surveyed by Reuters had forecast a 0.4 percent climb in industrial product prices and a 2 percent gain in raw materials prices.

After several months of nearly flat prices for industrial product prices, the surge in January came as petroleum and coal products prices jumped 6.6 percent.

The depreciation of the Canadian dollar against the U.S. dollar also drove up prices of motor vehicles 1.0 percent.

Without the effect of the exchange rate, the overall producer price index would have risen 1.0 percent instead of 1.4 percent, Statscan said.