(MENAFN) According to data released on Monday, Canada's Industrial Product Price Index (IPPI) increased by 0.7 percent in February compared to the previous month.
Market expectations had anticipated no change in the index.
This uptick comes after four consecutive months of decline, with January recording a slight decrease of 0.1 percent. The IPPI measures fluctuations in the prices of goods manufactured domestically and sold by manufacturers.
"This increase was driven by higher prices for energy and petroleum products," Statistics Canada stated in a release. "The prices of energy and petroleum products were up 5.2 percent in February, after four straight monthly declines."
On an annual basis, the Industrial Product Price Index (IPPI) for February saw a 1.7 percent decrease compared to the same month last year, following a 2.9 percent decline in January year-on-year.
Conversely, the Raw Materials Price Index (RMPI), which gauges the prices of raw materials purchased by manufacturers in Canada, rose by 2.1 percent on a monthly basis in February. This increase follows a 1.2 percent rise in January.
However, on a yearly basis, the RMPI dropped by 4.7 percent in February, marking its fifth consecutive decline compared to the same period in the previous year, according to data from Statistics Canada.
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