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Canada industrial product prices dropped YOY for 3rd straight month in August

Annual industrial product prices in Canada fell for the third consecutive month in August, driven mostly by a slump in prices of energy and petroleum products, Statistics Canada reported.

Industrial product prices dropped 1.0% year over year last month, following a 1.7% decline in July. Prices of energy and petroleum products posted a 9.9% decline, which was partly offset by a 7.5% increase in the prices of meat, fish and dairy products.

On a monthly basis, the industrial product price index ticked up 0.2% in August, compared with a 0.3% decrease in July, mainly due to a rebound in the prices for meat, fish and dairy products, and higher prices for primary non-ferrous metal products.

Excluding energy and petroleum products, the industrial product price index rose 0.5% year over year in August and was up 0.7% on a monthly basis.

Prices for raw materials purchased by Canadian manufacturers fell 6.0% on an annual basis in August due to lower prices for crude energy products. Prices for raw materials were down 1.8% month over month.