The Industrial Product Price Index inched up 0.2 per cent in January, while the Raw Materials Price Index rose 0.3.

The Industrial product index tracks the price that a company gets for its finished goods as they leave the plant. Markups at the consumer level are not taken into account. The Raw Materials index, on the other hand, tracks changes earlier in the manufacturing process — it measures what companies spend to buy the raw materials they then process into finished goods.

Both indexes are very rough gauges of inflation, and they each posted slower growth compared with previous months.  

Statistics Canada reports the industrial index was led mainly by petroleum and coal products (up 2.2 per cent), primary metal products (0.8) and fruits, vegetables, feeds and other food products (0.5).

The industrial advance was moderated by a 0.8 per cent decline in prices for motor vehicles and other transportation equipment.

The raw materials index edged up on the strength of higher prices for non-ferrous metals (up 3.7 per cent), vegetable products (4.6) and animals and animal products (2.5).

Mineral fuels prices fell 2.6 per cent in January, while crude oil declined 2.5.

Compared with the same month a year earlier, the raw materials index was up 9.6 per cent in January, while the industrial index was up 2.7.

With files from CBC News