May 30, 2017 / 12:42 PM / 2 years ago

Canada producer prices up for eighth consecutive month in April

The Suncor tar sands processing plant near the Athabasca River at their mining operations near Fort McMurray, Alberta, September 17, 2014. REUTERS/Todd Korol

OTTAWA (Reuters) - Canadian producer prices rose for the eighth month in a row in April due to higher costs for energy and petroleum products, data from Statistics Canada showed on Tuesday.

Prices were up 0.6 percent, with prices higher in 14 out of the 21 major commodity groups. Compared to a year ago, prices were up 6.3 percent, the largest annual increase since October 2011.

Prices for energy and petroleum products rose 2.9 percent in April on a monthly basis, led by a 5.8 percent jump in gasoline, the highest increase in four months.

Raw materials prices rose 1.6 percent, reversing the previous month’s decline as crude energy products rose, particularly conventional crude oil.

Reporting by Leah Schnurr; Editing by Nick Zieminski

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