(Adds details from report)
OTTAWA, March 3 (Reuters) - The cheaper cost of energy and petroleum products took Canadian producer prices lower in January for the fifth month in a row, Statistics Canada said on Tuesday.
The industrial product price index fell 0.4 percent in January, falling short of economists’ forecasts for a decline of 0.7 percent.
Prices were down 2.2 percent from a year ago, while December’s monthly figures were revised to a drop of 1.5 percent.
Prices for energy and petroleum products tumbled 11.2 percent and have decreased 30 percent since June. The price of crude oil has roughly halved since then.
The drop in prices for crude energy products also hit the raw material price index, which fell 7.7 percent. Analysts had forecast a decline of 6 percent.
Reporting by Leah Schnurr; Editing by Jeffrey Benkoe