Canada January producer prices fall by 0.3% on weak energy prices

OTTAWA (Reuters) - Canadian producer prices unexpectedly dropped by 0.3% in January from December, pulled down by lower prices for energy and petroleum products, Statistics Canada data indicated on Friday.

Analysts in a Reuters poll had predicted a 0.1% increase. Statscan revised December’s gain in prices down to 0.1% from an initial 0.3%.

Prices for energy and petroleum products fell by 2.6%, partly due to a coronavirus outbreak that also helped push up prices for primary non-ferrous metals by 1.7%.

Of the 21 major commodity groups tracked by the national agency, 10 rose and 11 fell. The raw material price index fell 2.2% in January as crude prices posted a 6.2% drop on coronavirus fears.

Reporting by David Ljunggren; Editing by Alex Richardson