Canada Raw Materials Prices

Canada’s Raw Materials Price Index rose 4.8% month over month in September 2026, exceeding forecasts of a 3.1% increase and accelerating from a 3.3% rise in August. Prices for crude energy products surged 14.4%, following a 7.1% increase in August, with conventional crude oil and synthetic crude oil prices rising 16.8% and 9.0%, respectively. Crop product prices increased 2.1%, rebounding from a 0.7% decline in August, driven by higher prices for canola (+3.7%) and other crop products (+1.2%). In contrast, prices for metal ores, concentrates and scrap fell 0.7%, reflecting lower prices for gold, silver and platinum group metal ores and concentrates (-1.2%). Gold ores, concentrates and mill bullion prices declined 1.5%. Prices for animals and animal products decreased 1.1%. Year over year, the Raw Materials Price Index climbed 27%.

Canada’s raw materials prices rose 3.1% month-on-month in August 2026, rebounding from a 2.1% decline in July and well above market expectations of a 0.7% gain. Prices for crude and energy products were the main driver, surging 7.1% following three consecutive months of declines, as renewed tensions between the US and Iran pushed energy prices higher. Both synthetic crude oil (21.6%) and conventional crude oil (2.8%) recorded monthly increases. Meanwhile, prices for metal ores, concentrates and scrap rebounded, rising 4% after two consecutive monthly declines, driven by higher prices for gold, silver and platinum group metal ores and concentrates (8.1%), marking the first monthly increase since the start of the year. Silver ores, concentrates and mill bullion gained 9.8%, while gold ores, concentrates and mill bullion rose 6.9%. In contrast, prices for animals and animal products fell 3.4%, marking their largest decline since July 2020.

Canada’s raw materials prices fell 2.2% month-over-month in July 2026, following a 6.9% decline in June and exceeding forecasts for a 1.8% drop. Prices for crude energy products fell 3.6%, extending their decline to a third consecutive month, as synthetic crude oil (-8.9%) and conventional crude oil (-1.5%) both weakened after crude shipments through the Strait of Hormuz temporarily increased in early July. Metal ores, concentrates and scrap prices declined 4.7% for a second straight month, led by a 7.2% drop in gold, silver and platinum group metal ores and concentrates. Nickel ores and concentrates also fell 4.8%. Meanwhile, crop product prices rose 4.8%, the largest monthly increase since March 2022, reversing a 0.8% decline in June. Year over year, the RMPI increased 18.1% in July, slowing from a 21% gain in June.