Company News

UPDATE 1-Canada October producer prices edge up 0.1% on energy, petroleum prices

OTTAWA, Nov 29 (Reuters) - Canadian producer prices rose by 0.1% in October, on higher energy and petroleum prices, Statistics Canada data showed on Friday.

Analysts in a Reuters poll had predicted prices would hold steady in October, following a 0.1% decline in September. Of the 21 major commodity groups tracked by Statistics Canada, 10 fell, nine rose and two were unchanged.

Prices for energy and petroleum products increased by 1.2%, thanks mostly to higher diesel and light fuel oil prices, which jumped 4.1% and 3.5% respectively. Statscan said the higher cost for diesel coincided with a seasonal increase in demand for heating fuel.

Meanwhile, raw material prices fell 1.9% in October on lower prices for conventional crude, which declined 5.4%.

Gains were reported in the livestock and crop sectors. Statscan said prices for animals and animal products rose 1.3% while crop product prices rose 1.9%.

Reporting by Kelsey Johnson; editing by Louise Heavens