Canada: Industrial Product Price Index declines by 0.6% in November

• Industrial Product Price Index in Canada continued to fall in November.
• USD/CAD trades with modest losses near 1.2760 after the data.

Prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.6% in November, the data published by Statistics Canada showed on Tuesday. This reading followed October's decrease of 0.4%.

Further details of the publication revealed that the Raw Materials Price Index rose by 0.6% in the same period.

"Energy and petroleum product prices were up 4.0%," the publication further read. "The rise was mostly due to an 8.2% increase in the price of diesel and biodiesel fuels."

Market reaction

The USD/CAD pair edged slightly higher after this report and was last seen losing 0.12% on the day at 1.2762.