October 31, 2019 / 12:39 PM / 11 days ago

UPDATE 1-Canada September producer prices down 0.1% on pork

OTTAWA, Oct 31 (Reuters) - Canadian producer prices dropped by 0.1% in September, almost entirely due to lower prices for meat, fish and dairy products, Statistics Canada data showed on Thursday.

Analysts in a Reuters poll had forecast an increase of 0.2% in September following a gain of 0.2% in August. Of the 21 major commodity groups tracked by Statistics Canada, seven fell, 11 rose, and three were unchanged.

Prices for meat, fish and dairy dropped 3.4%, largely because of slumping prices for fresh and frozen pork, which fell by 12.0% on the month - the largest monthly decline reported since September 2000.

Raw materials prices were unchanged in September after falling 1.8% in August. Higher prices for crude energy products were largely moderated by lower prices for animals and animal products, which fell 6.2%.

Hog prices saw the biggest declines within the category, slumping 23.5%, the largest drop reported since August 2018, Statscan said.

Meanwhile, crude energy prices rose 2.7% in September, after falling 4.3% the previous month, driven mainly by higher prices for conventional crude oil, which saw a gain of 2.8% following attacks on Saudi Arabian oil facilities.

Reporting by Kelsey Johnson, Editing by Dale Smith and Hugh Lawson

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