Canada’s Raw Materials Price Index (RMPI) rose 7.7% month-over-month in January 2026, accelerating from a 0.5% increase in December. The advance was led by metal ores, concentrates, and scrap, which jumped 15.6%—the ninth consecutive monthly gain—driven mainly by sharp price increases in silver ores, concentrates, and mill bullion (41.8%) and in gold ores, concentrates, and mill bullion (9.5%).
Crude energy products also contributed to the overall rise, climbing 4.6% in January. Both conventional crude oil (4.9%) and synthetic crude oil (4.3%) recorded monthly increases. Heightened geopolitical tensions between the United States and Iran, along with ongoing domestic unrest in the OPEC member country, raised concerns over possible supply disruptions and supported higher crude prices. On a year-over-year basis, the RMPI was up 8.0% in January.
