(RTTNews) - Canadian industrial product and raw material prices fell in August, bringing to a halt the uninterrupted monthly growth observed since the end of 2007, according to data released by Statistics Canada Tuesday morning.

The monthly decline of 0.2% in the Industrial Product Price Index in August from an increase of 0.6% in July was largely attributable to a 6.0% drop in prices for petroleum and coal products.

Excluding petroleum and coal products, the prices of other industrial goods increased 0.8%, a rate of growth comparable to the average rate recorded in the previous two months.

The Raw Materials Price Index plunged 7.7% in August after picking up 1.6% in July, ending a string of 10 consecutive monthly increases.

Stats Canada attributed the drop in raw materials prices to the strong 11.3% contraction in the prices for mineral fuels, following 5 straight monthly increases. If mineral fuels were excluded, the Raw Materials Price Index would have fallen 1.8% after a brief upturn of 0.5% in July.

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