January 4, 2013 / 1:43 PM / in 5 years

Canada November producer prices fall on fuels

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.

A clerk attends to a customer at a UPI energy gas station in Chatham, Ontario, in this April 11, 2008 file photo. REUTERS/Mark Blinch/Files

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

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