Canada's manufacturing sales rose 2.8% in October as energy prices moved higher in the month, reports Statistics Canada.
The increase in manufacturing sales was greater than the 2% gain forecast by economists. Compared with a year earlier, total factory sales were up 16.5% in October.
Sales increased in 12 of 21 industries, led by the petroleum and coal sector, as well as food and chemical industries. Motor vehicles and machinery posted the biggest monthly declines in October.
The stronger-than-expected increase was largely driven by price increases. Sales in constant dollars were unchanged in October and remain below pre-pandemic levels, according to Statistics Canada.
Total inventory levels in manufacturing rose at their lowest monthly rate since March 2021, edging up 0.3% in October. The inventory-to-sales ratio fell to 1.68 in October from 1.73 in September.
