January 31, 2018 / 1:39 PM / 7 months ago

Canada producer prices dip as expected in Dec on energy products

OTTAWA (Reuters) - Canadian producer prices dipped in December due to lower costs of energy and petroleum products, while prices for raw materials purchased by manufacturers also tumbled, data from Statistics Canada showed on Wednesday.

Crude oil tanks at Enbridge's terminal are seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren

The 0.1 percent decrease in prices for products sold by manufacturers matched economists’ forecasts. Out of the 21 major commodity groups, nine declined while four were unchanged.

Energy and petroleum products declined 0.7 percent, the first decrease since June 2017 amid lower prices for motor gasoline. Excluding energy and petroleum products, the producer prices index was unchanged.

Raw materials prices declined 0.9 percent, weighed by lower costs for crude energy products, including conventional crude oil. Lower prices for crop products, such as canola and cocoa beans, also dampened materials prices.

Reporting by Leah Schnurr; Editing by Jeffrey Benkoe

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