OTTAWA (Reuters) - A jump in petroleum prices for the fourth consecutive month boosted Canadian producer prices by 1.3 percent in June from May, while the price of raw materials increased by 4.4 percent from May, Statistics Canada said on Wednesday.
Analysts surveyed by Reuters had expected a 1.0 percent increase in industrial prices in June from May and a 3.0 percent rise in raw materials prices.
Statscan said a 6.1 percent increase in the price of petroleum and coal products was the main driver behind the 1.3 percent increase in June’s industrial price product index, which reflects what producers receive for their goods at the factory gate.
Excluding petroleum and coal products, industrial prices would have risen by 0.4 percent from June 2007. It was the first year-on-year increase in the index excluding energy since September 2007.
Industrial prices increased by 5.4 percent over June 2007 while raw material prices were up by 31.9 percent.
Statistics Canada report
Reporting by David Ljunggren; Editing by Frank McGurty