Statistics Canada released its industrial product and raw materials price indexes on Tuesday. The Industrial Product Price Index (IPPI) dropped 1.1% in February, missing expectations for a 0.2% decline, after a 0.5% rise in January.

The increase was mainly driven by lower prices for energy and petroleum products, which plunged 4.1% in February.

4 of the 21 commodity groups increased, 15 declined and 2 were unchanged.

The Raw Materials Price Index (RMPI) slid 2.6% in February, after a 0.4% fall in January.

The drop was driven by lower prices for crude energy products. Crude energy products dropped by 9.4% in February.

2 of the 6 commodity groups rose and 4 decreased.