Canada’s Raw Materials Price Index (RMPI) surged in March 2026, with year-over-year growth accelerating to 23.6%, up sharply from 8.6% in February 2026. The latest figures, updated on 23 April 2026, underscore building cost pressures at the early stages of the production chain.
The RMPI measures the price change of raw materials purchased by Canadian manufacturers, and the current reading reflects the comparison of March 2026 prices with those from March 2025. Similarly, the previous 8.6% figure was calculated by comparing February 2026 with February 2025. The steep jump between February and March suggests a rapid strengthening in input price inflation, which could ultimately filter through to producer and consumer prices in the months ahead.
With raw material costs rising at more than double the prior month’s annual pace, markets and policymakers are likely to scrutinize whether this marks the start of a broader and more persistent inflationary trend in Canada’s industrial sector.
