Investing.com – Canada's raw materials price index rose significantly more-than-expected in November, official data showed on Wednesday.
In a report, Statistics Canada said the raw materials purchase price index rose by a seasonally adjusted 3.5% in November, after increasing by 2.1% in October, whose figure was revised from up from 1.7%.
Analysts had expected the raw materials purchase price index to rise by 2.2% in November.
The report said the increase was due to higher prices for mineral fuels, non-ferrous metals and vegetable products, while crude oil prices were up 7.7% in November, after rising by 2.5% in October.
Meanwhile, the industrial product price index rose in line with expectations in November, increasing by 0.5%, after rising by 0.5% in October.
Following the release of the data, the loonie was up against the U.S. dollar, with USD/CAD shedding 0.21% to hit 0.9966.
In a report, Statistics Canada said the raw materials purchase price index rose by a seasonally adjusted 3.5% in November, after increasing by 2.1% in October, whose figure was revised from up from 1.7%.
Analysts had expected the raw materials purchase price index to rise by 2.2% in November.
The report said the increase was due to higher prices for mineral fuels, non-ferrous metals and vegetable products, while crude oil prices were up 7.7% in November, after rising by 2.5% in October.
Meanwhile, the industrial product price index rose in line with expectations in November, increasing by 0.5%, after rising by 0.5% in October.
Following the release of the data, the loonie was up against the U.S. dollar, with USD/CAD shedding 0.21% to hit 0.9966.