As oil prices plummeted in November, the prices manufactures got for products leaving the factory gate dropped by a record amount, as did the cost of raw materials.

According to Statistics Canada, the November industrial product price index fell 2.6% and raw materials price indexes 13.4% respectively.

Stripping out petroleum and coal products, the index would have dropped just 0.4%.

The November drop in industrial prices was the largest of three consecutive monthly declines, the agency says, and was the steepest decrease since the series was created in 1956.

Prices for petroleum and coal products dropped for a second straight month, down 18.9% compared with a drop of 13.8% in October.

Raw materials prices were down for the fourth month in a row, falling about the same amount as they did in October marking the two largest monthly declines since 1977.

IE