March 1, 2012 / 1:43 PM / in 6 years

Producer prices up in January on gas, metals

OTTAWA (Reuters) - Higher prices for petroleum products and primary metals pushed up industrial product prices in Canada by 0.3 percent in January from December, Statistics Canada said on Thursday.

The increase matched analysts’ expectations. Raw material prices edged up by 0.1 percent, less than the 0.6 percent growth expected by market operators.

Prices for petroleum and coal products rose by 2.1 percent as gas prices increased by 3.5 percent after five straight months of declines. Primary metal products prices were up by 1.9 percent, the first advance since August 2011.

Some producers set their prices in U.S. dollars and are therefore hit by the relatively strong Canadian dollar. Stripping out the impact of the exchange rate, industrial product prices would have risen by 0.6 percent from December.

Raw material prices in January inched up on higher prices for non-ferrous metals and wood, which offset lower prices for mineral fuels.

Reporting by David Ljunggren; editing by Jeffrey Benkoe

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