Canada Raw Materials Prices Rise More Than Expected

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.

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.