Canada’s raw materials price index fell 6.9% month-on-month in June 2026, the sharpest monthly decline since July 2022 and the first drop since August 2025, far exceeding expectations for a 1.5% decrease. The largest downward pressure came from crude energy products, which fell 13.7%, marking a second consecutive monthly decline. Within this category, both conventional crude oil (-15.7%) and synthetic crude oil (-9.8%) registered monthly decreases following the announcement of a tentative agreement between the US and Iran. Excluding crude energy products, the raw materials price index was down 2.7%.
Metal ores, concentrates, and scrap prices also declined markedly, falling 5.1% in June, the largest monthly drop since June 2023. The main driver was the gold, silver, and platinum group metal ores and concentrates category, which fell 8.4%, its steepest decline since July 2017. Lower prices for nickel ores and concentrates (-4.3%) also contributed. On an annual basis, raw materials prices were up 20.7%, easing from a 33.4% year-on-year increase in May.
