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Statistics Canada released its industrial product and raw materials price indexes on Tuesday. The Industrial Product Price Index (IPPI) dropped 1.1% in February, missing expectations for a 0.2% decline, after a 0.5% rise in January.
The increase was mainly driven by lower prices for energy and petroleum products, which plunged 4.1% in February.
4 of the 21 commodity groups increased, 15 declined and 2 were unchanged.
The Raw Materials Price Index (RMPI) slid 2.6% in February, after a 0.4% fall in January.
The drop was driven by lower prices for crude energy products. Crude energy products dropped by 9.4% in February.
2 of the 6 commodity groups rose and 4 decreased.
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