August 29, 2013 / 12:40 PM / 5 years ago

Canada producer prices rise for second straight month

OTTAWA (Reuters) - Canada’s industrial product price index rose 0.3 percent in July from June primarily due to higher prices for energy products and to a lesser extent motor vehicles, Statistics Canada said on Thursday.

Analysts surveyed by Reuters had expected producer prices to rise 0.4 percent in the month following a 0.3 percent increase in June.

A 1.1 percent jump in petroleum and coal products explained much of the rise in July, and the index would have risen just 0.2 percent had those items been excluded, Statscan said.

Similarly, a weakening of the Canadian dollar versus the U.S. dollar in the month had the effect of lifting prices of export goods and Statscan estimated that without that effect the index would have inched up by just 0.1 percent.

Prices for motor vehicles and other transportation equipment gained 0.5 percent, helped by the currency.

Of the 21 major industrial product groups, 10 increased, six fell and five were flat.

Raw materials prices rose 4.2 percent in July, the biggest monthly gain since April 2011, mainly due to petroleum and coal products.

In the year to July, industrial prices rose 1.4 percent and raw materials were up 7.6 percent.

Reporting by Louise Egan and Alex Paterson; editing by Sofina Mirza-Reid

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