Canadian Raw Material Prices Jump in January

Canada's Raw Materials Price Index (RMPI) climbed 7.7% month-over-month in January 2026, accelerating from a 0.5% gain in the prior month. Metal ores, concentrates, and scrap led the advance, surging 15.6%, a ninth consecutive monthly increase, driven primarily by sharp price gains in silver ores, concentrates, and mill bullion (41.8%) and gold ores, concentrates, and mill bullion (9.5%). Crude energy products also moved higher, rising 4.6% in January, with both conventional crude oil (4.9%) and synthetic crude oil (4.3%) posting monthly gains. Escalating geopolitical tensions between the US and Iran, compounded by ongoing domestic unrest in the OPEC member nation, fueled concerns over potential supply disruptions and pushed crude prices higher. On a yearly basis, the RMPI rose 8.0% in January.

Canada’s Raw Materials Price Index (RMPI) increased 0.5% month-on-month in December 2025, following a 0.3% gain in November, and countering expectations for a 0.5% decrease. Prices for animals and animal products fell 1.3% in December. Crude energy products slipped 4.1%, with conventional crude oil down 4.7%, pressured by global oil oversupply and weak demand from China. In contrast, prices for metal ores, concentrates and scrap increased 6.2%, led by a 25.0% rise in silver ores and a 3.7% gain in gold ores, marking the eighth consecutive monthly increase. Excluding crude energy products, the RMPI advanced 2.4%.

Canada’s Raw Materials Price Index (RMPI) edged up 0.3% month-on-month in November 2025, following a 1.6% gain in October and missing market expectations of a 0.6% rise. Prices for animals and animal products fell 2.0%, the largest monthly decline since September 2024, driven by a 7.5% drop in hog prices as lower production costs boosted supply, alongside seasonal post-summer demand weakness. Crude energy prices slipped 0.5%, with conventional crude oil down 0.9%, pressured by global oversupply, although geopolitical risks from the Russia-Ukraine conflict partially offset the decline. In contrast, prices for metal ores, concentrates, and scrap increased 1.5%, led by a 4.0% gain in gold, silver, and platinum group metal ores and concentrates, marking the 15th consecutive monthly increase. Excluding crude energy products, the RMPI advanced 0.6%.