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Canadian industrial product prices dropped in October as the loonie strengthened versus the US dollar, official data showed Monday.
At the same time, raw materials prices rose, resuming this year's uptrend on the back of higher crude oil prices.
Statistic Canada's Industrial Product Price Index decreased 0.3% in October, a second consecutive decline following a 0.4% drop in September.
The IPPI was mainly pulled down by the strength of the Canadian dollar, which appreciated 2.6% in October in relation to the US dollar. Excluding the currency impact, the IPPI would have risen 0.4% instead of declining 0.3%.
The change in the exchange rate had the effect of lowering the value of motor vehicles and other transport equipment 1.5%, the agency noted.
However, the effect of the strong Canadian dollar was tempered by a 1.6% rise in prices for petroleum and coal products.
Industrial prices fell 6.3% in October compared with the same month a year earlier, marking a seventh consecutive year-over-year decline.
The Raw Materials Price Index (RMPI) increased 2.5% in October, following a 1.0% decline in September. Raw material prices are continuing their upward trend that began in January 2009.
The volatile movements of the RMPI since July are mainly a result of significant fluctuations in prices for mineral fuels, especially crude oil. Prices for crude oil rose 5.9% in October, following a 1.6% drop in September
From October 2008 to October 2009, raw material prices fell 7.6%, a much smaller decrease than the 21.4% year-over-year decline in September.
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