Canada's industrial product prices fall 1.5% in December

By Ovunc Kutlu

ISTANBUL (AA) - Canada's industrial product price index (IPPI) fell 1.5% in December from the previous month, according to figures released Wednesday.

The market expectation for the index, which measures the change in the price of domestically produced goods sold by manufacturers, was to show a decrease of 0.7% after it fell 0.3% in November.

The index was down 2.7% in December, compared to the same period last year, following an annual decline of 2% in November.

"Prices for energy and petroleum products fell 8.5% month over month in December, the largest monthly decrease since December 2022," Statistics Canada said in a statement.

"Concerns about future oil demand and elevated global petroleum supply both played a role in these price decreases," it added.