OTTAWA, Nov 28 (Reuters) - Canadian industrial prices were unchanged in October thanks to the sharp depreciation of the Canadian dollar, which offset plunging energy prices, Statistics Canada said on Friday.
Raw materials prices fell 12.5 percent, as expected, as a result of the sharp decline in mineral fuels prices.
Analysts in a Reuters survey had forecast a 1.2 percent decline in industrial product prices in the month.
Prices for petroleum and coal products tumbled 13.8 percent in October. However, the Canadian dollar lost 12 percent of its value against the U.S. dollar in the same period, the biggest drop since 1950, having the effect of neutralizing price swings for exporters who are paid in U.S. dollars.
The biggest contributor to the decline in raw materials prices was mineral fuels, which sank 18.7 percent in the month.
Year-on-year, industrial prices gained 9.5 percent while raw materials prices declined 0.2 percent.
Statscan report:
here (Reporting by Louise Egan; Editing by Tom Hals)
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