Canadian industrial prices drop 0.3 percent in June

Tue Jul 31, 2012 9:26am EDT
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OTTAWA (Reuters) - Lower fuel prices offset increases for cars and other products and helped pull down the Canadian producer price index by 0.3 percent in June from May, the second consecutive decline, Statistics Canada said on Tuesday.

Statscan revised the figures for the May industrial product price index to a decline of 0.1 percent from a 0.1 percent gain previously.

Without the impact of the Canadian dollar's 1.8 percent depreciation against the U.S. dollar in the month, the index would have fallen 0.8 percent.

Raw materials prices fell for the fifth straight month, down 4.0 percent mainly due to a sharp fall in crude oil prices. Raw materials slipped 1.1 percent in May.

The median forecast in a Reuters survey was for a 0.1 percent decline in industrial product prices and a 2.3 percent fall in raw materials prices in June.

Compared with a year earlier, producer prices rose 0.4 percent while raw materials declined 11.7 percent.

(Reporting by Louise Egan; Editing by James Dalgleish)