OTTAWA (Reuters) - Canada’s producer price index fell 0.3 percent in November from October mainly due to lower gasoline and other fuel prices, Statistics Canada said on Friday.
The drop was steeper than the 0.2 percent decline markets expected and followed a 0.1 percent decrease in the previous month.
The index was also pulled down by primary metal products. The decline was moderated by higher prices for motor vehicles, helped by a depreciation of the Canadian dollar against the U.S. dollar in the month.
Compared with a year ago, the producer price index fell 0.5 percent for the fourth consecutive year-on-year decrease.
The raw materials price index fell 1.9 percent in November, surpassing market forecasts of a 1.0 percent drop, largely because of lower crude oil prices.
Year-on-year raw materials prices fell 8.2 percent, the ninth straight decline.
Reporting by Louise Egan and Alex Paterson; Editing by Nick Zieminski