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Oil boosts industrial, raw materials prices

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Higher oil prices helped boost industrial product and raw materials prices in November from October, Statistics Canada said on Thursday.

The industrial product price index rose 0.2 percent on the month and 4.2 percent on the year, while raw materials prices were up 3.8 percent on the month and 11.7 percent on the year.

A 5.5-percent rise in fuel oil and other fuels helped outweigh a 3.6-percent decline in gasoline prices. Motor vehicles and other transportation equipment rose, mainly due to a 0.6-percent fall in the Canadian currency, which boosts the Canadian dollar value of goods that are priced in U.S. dollars.

Excluding petroleum and coal products, industrial prices rose 0.1 percent from October and 2.1 percent from a year earlier.

Raw materials prices, excluding mineral fuels, were down 0.3 percent on the month and up 4.1 percent on the year.

A separate report on Thursday morning showed the pace of purchasing activity in the Canadian economy rose in December from November, according to Ivey Purchasing Managers Index data.

The data showed the seasonally adjusted index climbed to 63.5 in December from 59.9 in November.

"This report is consistent with what we've seen from other international PMI surveys, which have ended the year on a reasonably strong footing," said David Tulk, chief Canada macro strategist at TD Securities, in a note to clients.

"This is a positive development heading into what is expected to be a difficult year ahead."

CTV.ca CTV Two CTV News CTV News Channel BNN - Business News Network CP24