Canada's industrial product price index (IPPI) annually rose 2.9% in July, marking the fourth straight year-on-year increase last month, according to figures released Wednesday.

The annual figure for June was slightly revised up to a gain of 2.9%, from an increase of 2.8%.

The biggest contributors to the year-on-year increase in July were unwrought gold, silver, platinum group metals and their alloys which gained 25.3%, while unwrought aluminum and aluminum alloys rose 26.3%.

On a monthly basis, however, IPPI remained unchanged in July compared to the previous month.

The monthly IPPI figure for June was revised down to a decline of 0.1% from no change.

Higher prices for energy and petroleum products, which rose 2%, were offset by lower prices for lumber and other wood products that fell 3.4%, Statistics Canada said in a statement.

"Excluding energy and petroleum products, the IPPI declined 0.2%," it added.

Source:  statcan.gc.ca