Investing.com - Canada''s raw materials price index rose for the second consecutive month in January, official data showed on Monday.
In a report, Statistics Canada said the raw materials purchase price index increased by a seasonally adjusted 2.6% in January, blowing past expectations for a 1% gain.
The raw material price index rose by 1.8% in December, whose figure was revised from a previously reported increase of 1.9% decline.
The RMPI rose at an annualized rate of 0.1% in January, after rising at a rate of 2.1% in the previous month.
The data also showed that the industrial product price index rose by a seasonally adjusted 1.4%, beating expectations for a 1% increase, after rising 0.6% in December.
Year-over-year, the IPPI rose at an annualized rate of 2.3% in January, after increasing at a rate of 1.3% in December.
Following the release of the data, the Canadian dollar trimmed losses against its U.S. counterpart, with USD/CAD rising 0.23% to trade at 1.1090, compared to 1.1101 ahead of the data.