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Canadian industrial products, raw materials prices rebound in January

Prices for Canada's industrial products and raw materials rebound in January after posting declines in December 2017, Statistics Canada's latest report showed.

The industrial product price index edged up 0.3% in January after retreating 0.1% in the prior month, mainly driven by a 3.4% increase in prices for energy and petroleum products.

Prices for primary non-ferrous metal products, and meat, fish and dairy products also posted increases, while prices for motorized and recreational vehicles, and electrical, electronic and audio-visual telecommunications products decreased.

Meanwhile, the raw materials price index climbed 3.3% in January after declining by 0.9% in the prior month, driven by a 5.9% increase in prices for crude energy products. Gains were also posted for prices in animals and animal products, and metal ores, concentrates and scrap.

Over the 12-month period ended January, the industrial product price index rose 2.0%, down from a 2.3% increase in December 2017, while the raw materials price index climbed 7.7%, compared to a 6.2% gain a month earlier.