September 30, 2013 / 12:36 PM / 4 years ago

Canada August raw material prices higher than forecast

OTTAWA (Reuters) - Higher prices for primary metal products helped propel Canada’s industrial producer prices 0.2 percent higher in August from July, while more expensive crude oil and non-ferrous metals pushed raw materials 0.9 percent higher, Statistics Canada said on Monday.

Industrial prices were exactly as forecast in a Reuters survey of analysts, but the jump in raw material prices was sharply higher than the 0.1 percent median forecast.

Primary metal products posted their first price hike, of 2.2 percent, since February, partly due to positive signs of growth in China.

Year on year, industrial prices were up 1.7 percent, but only by 0.5 percent if the effect of the depreciation of the Canadian dollar versus the U.S. dollar were stripped out.

For raw materials, three major product groups were up, two were down and two unchanged. Crude rose 1.8 percent and non-ferrous metals 2.8 percent.

Reporting by Randall Palmer Editing by W Simon

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