February 28, 2017 / 1:42 PM / in 6 months

Canada producer prices rise for fifth month in a row in January

A fuel pump is seen in a car at a gas station in Toronto April 22, 2014.Mark Blinch

OTTAWA (Reuters) - Canadian producer prices rose for the fifth month in a row in January, increasing by 0.4 percent from December on higher prices for energy and petroleum products, Statistics Canada said on Tuesday.

Of the 21 major commodity groups, prices rose in six, fell in 10 and were unchanged in five.

Prices for energy and petroleum products climbed by 2.7 percent, pushed up by higher prices for gasoline and heavy fuel oils. Meat, fish and dairy products were 2.2 percent more expensive than in December.

Prices for motorized and recreational vehicles fell by 0.6 percent, largely due to a 1.0 percent increase in the Canadian dollar against the greenback in January. Many vehicles are priced in U.S. dollars and become less expensive when the Canadian currency strengthens.

Raw material prices climbed by 1.7 percent from December, boosted by higher prices for animals and animal products.

On an annual basis, raw material prices jumped by 23.0 percent, the largest year-on-year gain since the 25.3 percent seen in July 2011. Higher energy prices were largely responsible for the gain.

Reporting by David Ljunggren; Editing by Chizu Nomiyama

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