TORONTO—After strengthening in early 2013, Scotiabank says its Commodity Price Index inched down again by just less than a percentage point in February.
According to the financial firm, the overall index fell 0.9 per cent month-over-month in February, with the oil and gas index leading the fall with a three per cent drop for the month after rebounding in January.
Scotiabank says the weaker index was also impacted by a number of international factors.
“Commodity prices eased back after … mixed economic indicators from China and another bout of risk aversion related to financial developments in Cyprus,” Scotiabank vice-president of economics Patricia Mohr said in a statement.
“The All Items Index remains 17.2 per cent below the April 2011 near-term peak, just prior to the advent of concern over excessive Eurozone sovereign debt and the negative fallout on global trade.”
The metal and mineral index also edged lower in February, dropping 0.5 per cent month-over-month.
Two bright spots were found in the forest products and agricultural indexes, which Scotiabank says edged up 0.3 per cent and 1.9 per cent, respectively, in February.
The forest products index is up 18.3 per cent year-over-year, while the agricultural index has climbed 8.7 per cent above a year ago.