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Canadian producer prices continue to fall

Staff writer |
Canadian producer prices fell for the third month in a row in November, mainly due to lower prices for energy and petroleum products.

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Industrial product prices declined 0.4%, Statistics Canada said Tuesday. Economists were expecting an even sharper decline of 0.7% month-over-month, according to a report from Royal Bank of Canada.

The swoon in global energy prices was reflected in November's Canadian producer price data. Motor gasoline prices dipped 6.2% and heavy fuel oil prices tumbled 11.8%, though the energy and petroleum products sector's overall drop was a less steep 2.3% due to higher demand for heating fuels.

On an annual basis, industrial product prices were up 1.9%.

Raw materials prices were off 5.8% in November, or more than expectations, extending their declines to five straight months, Statistics Canada said Tuesday.

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