Prices for industrial products and raw materials dropped in December as petroleum prices continued to move sharply downward.

The Industrial Product Price Index declined 1.9% and the Raw Materials Price Index fell 15.4% in December from a month earlier, Statistics Canada said Thursday.

The decline in the industrial products index was its fourth straight monthly decrease, dropping 5.7% from its peak last August.

Petroleum and coal products fell 18.1% in December, following a 19% decline in November.

Excluding petroleum and coal products, the industrial products index fell 0.1%.

Six of the other 20 industrial product groups declined while 10 increased with primary metal products, at a 3.1% drop, chemical products (-2%) and motor vehicles and other transport equipment (+0.9%) posting the most significant price changes.

The industrial price index was up 2.5% in December from a year earlier, its lowest advance in eight months.

The drop in the raw materials index was fed by a 29.9% decline in prices for mineral fuels, without which it fell 2.3%.

IE