April 28, 2017 / 12:46 PM / 2 years ago

Canadian producer prices rise for seventh straight month

OTTAWA (Reuters) - Canadian producer prices rose in March for the seventh month in a row, increasing by 0.8 percent from February in part on higher prices for motorized and recreational vehicles, Statistics Canada said on Friday.

Statscan revised February’s increase up to 0.3 percent from an initial 0.1 percent. Of the 21 major commodity groups, prices climbed in 20 and fell in one in March.

Prices for motorized and recreational vehicles rose by 1.2 percent, largely due to a 2.1 percent decrease in the Canadian dollar against the greenback in March. Many vehicles are priced in U.S. dollars and become more expensive when the Canadian currency declines.

Prices for primary non-ferrous metal products rose by 2.0 percent, while chemicals and chemical products posted a 1.2 percent increase.

Producer prices rose 5.1 percent in the 12 months to March, the highest year-on-year gain since the 6.0 percent recorded in November 2011.

Raw material prices fell by 1.6 percent from February on declines for crude energy products. Compared with March 2016, raw material prices advanced by 16.6 percent, largely due to higher prices for conventional crude oil.

Reporting by David Ljunggren; Editing by Lisa Von Ahn

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