Canada’s Raw Materials Price Index (RMPI) rose 0.6% month over month in February, undershooting market expectations for a 2.4% increase. On a year-over-year basis, the index was up 8.6%, driven primarily by a 4.8% gain in crude energy products as both conventional and synthetic oil prices advanced amid heightened geopolitical risks associated with US–Iran tensions.
Excluding energy, the RMPI declined 1.1% on the month. Metal ores and scrap fell 2.7%, led by sharp declines in silver and iron ore prices as inventories in China continued to build. In contrast, crop products rose 0.7%, supported by a 6.3% surge in canola prices following China’s decision to reduce tariffs on Canadian imports.
On an annual basis, the RMPI excluding energy jumped 20.9%, bolstered by strong increases in precious metal ores and livestock prices. Crude oil prices, however, remained lower than a year earlier, despite the recent upward pressure stemming from geopolitical concerns.
