Investing.com - Canada's raw materials price index fell more than expected in January, largely as a result of lower prices for crude energy products, official data showed on Tuesday.
In a report, Statistics Canada said the raw materials purchase price index declined by 7.7% in January, compared to expectations for a drop of 6.8%. The raw material price index fell by 7.5% in December.
The RMPI fell at an annualized rate of 21.8% in January, after slumping at a rate of 13.0% in the previous month.
The data also showed that the industrial product price index dipped by 0.4%, compared to forecasts for a 2.2% drop, after falling 1.5% in December.
Year-over-year, the IPPI declined at an annualized rate of 2.2% in January, after decreasing at a rate of 0.4% in the preceding month.
USD/CAD was trading at 1.2459 from around 1.2505 ahead of the release of the data.