Producer prices up for October on strength of energy, petroleum
Canadian producer prices rose by 0.1 per cent in October, on higher energy and petroleum prices, Statistics Canada data showed on Friday.
Analysts in a Reuters poll had predicted prices would hold steady in October, following a 0.1 per cent decline in September. Of the 21 major commodity groups tracked by Statistics Canada, 10 fell, nine rose and two were unchanged.
Prices for energy and petroleum products increased by 1.2 per cent, thanks mostly to higher diesel and light fuel oil prices, which jumped 4.1 per cent and 3.5 per cent respectively. Statscan said the higher cost for diesel coincided with a seasonal increase in demand for heating fuel.
Meanwhile, raw material prices fell 1.9 per cent in October on lower prices for conventional crude, which declined 5.4 per cent.
Gains were reported in the livestock and crop sectors. Statscan said prices for animals and animal products rose 1.3 per cent while crop product prices rose 1.9 per cent.