Canada RMPI Rises Less Than Expected

Canada’s raw materials prices rose 0.7% month-over-month in May 2026, following a 2.6% increase in the previous month and below forecasts of a 1.1% rise. Crop product prices increased 2.2%, marking a fifth consecutive monthly gain, led by canola (3.5%), grains (3.2%), and wheat (4.6%). Prices for metal ores, concentrates, and scrap rose 0.5%, supported by higher prices for nickel ores and concentrates (4.6%) and copper ores and concentrates (4.6%). Lower prices for gold, silver, and platinum group metal ores and concentrates (-0.6%) partially offset the increase. Meanwhile, crude energy products fell 0.5% after sharp gains in March and April, mainly due to a 4.3% drop in synthetic crude oil. Despite the monthly decline, crude energy prices remained elevated in May amid conflict in the Middle East. The RMPI rose 33.4% year-on-year.

Canada’s raw materials prices increased 2.6% month-over-month in April 2026, following an 11.9% jump in March, as shipping disruptions in the Strait of Hormuz drove energy prices higher. Excluding crude energy products, raw materials prices declined 0.5%. Crude energy product prices rose 8.2% in April, after a 41.1% surge in March, with conventional crude oil up 6.2% and synthetic crude oil rising 17.8%. According to the International Energy Agency, global oil supply fell by another 1.8 million barrels per day in April, following a loss of over 10 million barrels per day in March. Meanwhile, prices for metal ores, concentrates, and scrap declined 0.9%, led by a 3.0% drop in gold, silver, and platinum group metal ores and concentrates. This included decreases in gold ores and concentrates (-2.9%) and silver ores and concentrates (-3.2%).

Canada’s Raw Materials Price Index surged 12.0% month-on-month in March 2026, exceeding forecasts of 9.3% and a sharp rise from 0.6% in February. Crude energy products rose 41.1%, the largest monthly gain since May 2020, driven by supply disruptions in the Strait of Hormuz due to the US-Iran conflict. Conventional crude oil jumped 44.3%, and synthetic crude oil rose 38.5%. Crop prices increased 3.9%, marking the third consecutive monthly rise, led by canola (6.5%), grains (except wheat) (4.3%), and wheat (7.1%). Metal ores, concentrates, and scrap declined 0.9%, with silver ores down 4.5% and gold ores down 2.4%. The RMPI rose 23.6% year-on-year in March.