Statistics Canada released its industrial product and raw materials price indexes on Tuesday. The Industrial Product Price Index (IPPI) fell 0.4% in January, beating forecasts for a 2.2% drop, after a 1.5% decrease in December. December's figure was revised up from a 1.6% decline.

That was the fifth straight monthly fall.

The decline was driven by lower prices for energy and petroleum products. Energy and petroleum products plunged 11.2% in January.

The Raw Materials Price Index (RMPI) dropped 7.7% in January, missing expectations for a 6.8% fall, after a 7.5% decline in December. December's figure was revised up from a 7.6% decrease.

That was the seventh straight monthly decline.

The drop was driven by lower prices for crude energy products. Crude energy products declined 19.1% in January.