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Canadian Industrial And Raw Materials Prices Drop In September (RTTNews) - Canadian industrial and raw materials prices unexpectedly declined last month as petroleum prices fell, official data indicated Thursday. The Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada. Economists expected industrial price to be flat, while raw materials prices were forecast to rise 1%. The decrease in the Industrial Product Price Index (IPPI) in September followed a 0.5% advance in August. The agency noted that since May, the level of the index has been fairly stable in its movement, alternating between upward and downward movements of similar size. Petroleum and coal prices declined 2.6% after rising 6.2% in August. Of the 21 major product groups, 11 recorded a price decline while 3 increased. With the exception of petroleum and coal, the other product groups contributed only slightly to the movement of the IPPI. In September, excluding petroleum and coal prices, the IPPI fell 0.3%, continuing its downward trend with a sixth consecutive decline. Among the most significant decreases were fruit, vegetables and feeds (-1.3%) as well as motor vehicles and other transport equipment (-0.4%). Year over year, the IPPI fell 6.1% in September compared with declines of 7.1% in July and 6.7% in August. The Raw Materials Price Index (RMPI) fell 1.1% on-month in September, which is a marked change from the 3.8% increase posted in August. The volatile movements of the RMPI are mainly due to fluctuations in prices for mineral fuels, especially crude oil. The price for crude oil fell 1.6% in September, following an 8.1% increase in August. From September 2008 to September 2009, raw material prices fell 21.4%, a smaller decrease than the 26.4% year-over-year decline in August. |
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