Investing.com – Canada's raw materials price index rose significantly more-than-expected in February, official data showed on Wednesday.
In a report, Statistics Canada said the raw materials purchase price index rose by a seasonally adjusted 1.8% in February, after increasing by 0.4% in January, whose figure was revised up from 0.3%.
Analysts had expected the raw materials purchase price index to rise by 0.8% in February.
The report said the increase was due to higher prices for petroleum and coal products and metal products.
Meanwhile, the industrial product price index rose inline with expectations in February, climbing by 0.7% after rising by 0.4% in January, whose figure was revised up from 0.2%.
Both indexes have been on an upward trend since mid-2010.
Following the release of the data, the loonie was up against the U.S. dollar, with USD/CAD shedding 0.45% to hit 0.9700.
In a report, Statistics Canada said the raw materials purchase price index rose by a seasonally adjusted 1.8% in February, after increasing by 0.4% in January, whose figure was revised up from 0.3%.
Analysts had expected the raw materials purchase price index to rise by 0.8% in February.
The report said the increase was due to higher prices for petroleum and coal products and metal products.
Meanwhile, the industrial product price index rose inline with expectations in February, climbing by 0.7% after rising by 0.4% in January, whose figure was revised up from 0.2%.
Both indexes have been on an upward trend since mid-2010.
Following the release of the data, the loonie was up against the U.S. dollar, with USD/CAD shedding 0.45% to hit 0.9700.