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Canada industrial product prices declined YOY in November 2019

Annual industrial product prices in Canada fell 0.4% year over year in November 2019, driven by a slump in the prices of pulp and paper products, and primary ferrous metal products, Statistics Canada reported.

The latest print follows a 1.3% annual decrease recorded in October 2019.

Prices of pulp and paper products declined 7.8%, while primary ferrous metal products prices fell 5.8%. In addition, the prices of energy and petroleum products posted a 2.5% drop.

On a monthly basis, the industrial product price index edged up 0.1% in November 2019, as the prices of meat, fish and dairy products rebounded.

Excluding energy and petroleum products, the industrial product price index edged down 0.1% year over year in November 2019 and was unchanged on a monthly basis.

Prices for raw materials purchased by Canadian manufacturers rose 9.3% on an annual basis in November 2019 due to higher prices for crude energy products. Prices for raw materials were up 1.5% month over month.