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Canadian industrial product, raw materials prices rebound in October

Canadian industrial product and raw materials prices recovered in October from their September declines, the country's statistical agency said.

The industrial product price index advanced 1.0% in October, compared to a 0.3% decline in September. The monthly gain is attributed to higher prices for motorized and recreational vehicles, up 1.5%, and energy and petroleum products, up 1.5%. Prices for primary non-ferrous metal products and chemicals and chemical products also rose during the month.

Year over year, October industrial product prices climbed by 1.8%, compared with a 1.5% increase in the prior month.

October's raw materials price index rose 3.8% after retreating by a revised 0.2% in September. The main upward pressure came from higher prices for crude energy products, up 6.9%. Another significant contribution came from prices of metal ores, concentrates and scrap, which increased by 3.7%.

In annual terms, raw materials prices climbed 6.6% in October, from a revised 6.2% increase in September.