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Canadian RMPI drops 2.3% in October

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Investing.com - Canada's raw materials price index fell more-than-expected in October, declining for the second consecutive month, official data showed on Thursday.

In a report, Statistics Canada said the raw materials purchase price index fell by a seasonally adjusted 2.3% last month, worse than expectations for a 2% decline.

The raw material price index fell by 1.2% in September, whose figure was revised from a previously reported 1.5% decline.

The RMPI rose at an annualized rate of 0.4% in October, after climbing at a rate of 2.3% in the previous month.

The data also showed that the industrial product price index inched down by a seasonally adjusted 0.3%, compared to expectations for a 1% decline, after falling 0.2% in September.

Year-over-year, the IPPI rose at an annualized rate of 0.8% in October, after increasing at a rate of 1.0% in September.

Following the release of the data, the Canadian dollar was modestly higher against its U.S. counterpart, with USD/CAD shedding 0.06% to trade at 1.0587.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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