Canada April producer prices edge up

Mon May 31, 2010 2:57pm EDT
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OTTAWA (Reuters) - Canadian producer prices edged up 0.3 percent in April from March, largely as a result of higher prices for primary metal products, Statistics Canada said on Monday.

Raw materials prices climbed 1.7 percent in the month, driven by crude oil.

Analysts surveyed by Reuters had forecast, on average, a 0.1 percent retreat in industrial product prices, which has trended higher since November 2009. They predicted a 1.5 percent increase in raw materials prices.

Prices for primary metals products jumped 3.7 percent in the month, pushed in part by a 13.7 percent gain in nickel products. Those gains were partly offset by lower prices for motor vehicles because of the sharp appreciation of the Canadian dollar against the U.S. currency, Statscan said.

(Reporting by Louise Egan; Editing by Padraic Cassidy)