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Prices rise 2.7 per cent in 2011

Published by Steve Coleman on February 07, 2012

Despite lower prices for Canadian manufactured goods in December, made-in-Canada products were worth 2.7 per cent more at the end of 2011 than they were in 2010.

Canada's Industrial Product Price Index fell 0.7 per cent in December after increasing 0.3 per cent a month earlier. Lower petroleum and coal prices as well as lower prices for primary metals were the main reasons, although prices increased 12.8 per cent for oil and coal in the last year.

Statistics Canada says lower demand for precious metals helped drive down the price of primary metals.

Lower prices for mineral fuels and (three per cent less) and non-ferrous metals (3.3 per cent less) led a decline in the Raw Materials Price Index for December. Prices fell 2.4 per cent in the final month of the year after a 3.8 per cent increase in November.

The price of crude oil also fell 3.2 per cent in December after an 8.9 per cent increase the previous month.

While the cost of raw materials closed out the year on a low note, the price did rise 4.7 per cent for the year.

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