Oil field oil workers at work
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Higher energy prices powered a rise in industrial prices again in October, according to initial estimates from Statistics Canada.

In its “flash” reading for the Industrial Product Price Index (IPPI) for October, the national statistical agency reported that the index rose 1.3% month over month, and is now up 16.7% on a year-over-year basis.

Rising prices for energy and petroleum products led the increase, StatsCan said, as prices in that segment were up 7.6% in the month.

“This rise is partially attributable to a supply-demand imbalance for petroleum,” it said, noting that estimates from the U.S. Energy Information Administration indicate that “global petroleum and liquid fuel consumption has been exceeding production from February to October 2021.”

Excluding energy, the IPPI was still up 0.6% last month, led by a recovery in lumber prices after four straight monthly declines.

Various metals prices also rose last month, it said.

“The price increases for aluminum were partially attributable to production restrictions imposed on aluminum smelters in China,” StatsCan reported.