The price paid by Canadian manufacturers for raw materials rose for a second month in February, led by crude oil prices, government figures showed.

The Raw Materials Price Index increased 0.4% following a 3.4% rise in January, Statistics Canada said. Economists had been forecasting a slight decline in raw material prices. The Industrial Product Price Index remained unchanged from the previous month, StatsCan said.

Crude oil prices rose 2.1% in February, following a 5.6% jump in January, other ferrous metals and animal products also contributed to the rising prices, it said.

The gains were offset by a decline in non-ferrous metals, in particular zinc and lead concentrates on weaker demand from Asia in the month.

The weaker Canadian dollar during the month of February helped push up the prices of some products that are priced in U.S. dollars, StatsCan said. The loonie fell 1.3% relative to its U.S. counterpart in the month.

Prices of motor vehicles and transportation equipment rose 0.9%, while lumber and wood products rose 1.7% and pulp and paper products rose 1%.

At equivalent exchange rates the IPPI index would have dipped 0.3%, rather than remaining unchanged, it said. The IPPI measures the price producers in Canada receive for their products at the factory gate.