Statistics Canada released its industrial product and raw materials price indexes on Tuesday. The Industrial Product Price Index (IPPI) dropped 1.6% in December, missing forecasts for a 0.3% increase, after a 0.5% decrease in November. November's figure was revised down from a 0.4% decline.

That was the fourth straight monthly fall and the biggest decline since December 2008.

The decline was driven by lower prices for energy and petroleum products.

The Raw Materials Price Index (RMPI) dropped 7.6% in December, missing expectations for a 4.6% fall, after a 5.7% decline in November. November's figure was revised up from a 5.8% decrease.

That was the sixth straight monthly decline.

The drop was driven by lower prices for crude energy products.