Canada’s raw materials price index rose 2.6% month over month in April 2026, following an 11.9% surge in March, as shipping disruptions in the Strait of Hormuz pushed energy prices higher. Excluding crude energy products, however, raw materials prices fell 0.5%.
Crude energy product prices increased 8.2% in April, after soaring 41.1% in March. Within this category, conventional crude oil prices were up 6.2%, while synthetic crude oil prices jumped 17.8%.
According to the International Energy Agency, global oil supply declined by a further 1.8 million barrels per day in April, after dropping by more than 10 million barrels per day in March.
In contrast, prices for metal ores, concentrates, and scrap fell 0.9% in April. This decline was driven primarily by a 3.0% decrease in gold, silver, and platinum group metal ores and concentrates, including a 2.9% drop in gold ores and concentrates and a 3.2% decline in silver ores and concentrates.
