Canada Raw Material Prices Fall in July

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.

Canada’s raw materials prices decreased 6.9% mom in June 2026, the largest monthly decline for the index since July 2022 and the first since August 2025, compared to forecasts of a 1.5% fall. The largest downward contribution came from prices for crude energy products (-13.7%) which declined for the second consecutive month. Both conventional crude oil (-15.7%) and synthetic crude oil (-9.8%) posted monthly decreases as a tentative deal between the US and Iran was announced. Excluding energy crude, the raw materials price index decreased 2.7%. Meanwhile, metal ores, concentrates and scrap (-5.1%) posted its largest monthly decline since June 2023. The driver of the decrease was the gold, silver, and platinum group metal ores and concentrates product group (-8.4%), which registered its largest drop since July 2017. Lower prices for nickel ores and concentrates (-4.3%) made an impact as well. Year-on-year, prices for raw materials increased 20.7%, slowing from a 33.4% gain in May.

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.