January 5, 2011 / 1:51 PM / in 7 years

Canada November producer prices on steady climb

OTTAWA (Reuters) - Surging global demand for petroleum and coal products lifted Canadian producer prices in November by a stronger-than-expected 0.5 percent from October, according to Statistics Canada data on Wednesday.

Raw materials prices jumped 3.5 percent in the month primarily because of gains in mineral fuels.

Markets had expected a 0.3 percent monthly increase in the industrial product price index and a 2.0 percent rise in the raw materials price index, according to a Reuters survey.

Producer prices have risen for four consecutive months. Statscan said prices for petroleum and coal products rose 3.9 percent in November on “strong demand in emerging countries and colder weather in Europe.” Upward pressure on prices also came from a 0.7 percent gain in primary metal products.

Motor vehicles and transportation equipment, by far the most heavily weighted item in the index, fell 0.4 percent in price.

Compared with a year earlier, industrial product prices climbed 2.1 percent and raw materials prices jumped 6.8 percent.

Reporting by Louise Egan; Editing by Padraic Cassidy

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