Canada's raw materials prices fall 2.5% in August

By Ovunc Kutlu

ISTANBUL (AA) - Prices of raw materials purchased by manufacturers operating in Canada, measured by the Raw Materials Price Index (RMPI), fell 2.5% in August, compared to the same month of last year, according to official figures released on Friday.

"Lower prices for crude energy products, including conventional crude oil and synthetic crude oil, were the main reason for the year-over-year decline in August," Statistics Canada said in a statement.

While conventional crude oil fell 5.9% annually, synthetic crude oil declined 8.5%, it noted.

The annual figure for July, meanwhile, was revised down to an increase of 6.9% from a gain of 7.6%.

On a monthly basis, the RMPI declined 3.1% in August, following a 0.7% increase in July.

Prices for crude energy products were the largest driver of the RMPI's monthly decline in August by falling 5%, according to the statement.

This was mostly due to lower prices for conventional crude oil, which decreased 5.6%, and synthetic crude oil that fell 3.5%, it noted.

"Increasing market concerns over economic growth and oil demand, particularly in China, put downward pressure on crude prices," it added.

Prices for crop products plummeted 6.1% on a monthly basis in August, marking the third consecutive monthly decline and recording the largest decrease since July 2022, according to the agency.