Canada’s Raw Materials Price Index (RMPI) jumped 12.0% month over month in March 2026, beating market expectations of a 9.3% increase and sharply accelerating from February’s 0.6% gain. The surge was driven primarily by crude energy products, which soared 41.1%—the largest monthly increase since May 2020—amid supply disruptions in the Strait of Hormuz linked to the US–Iran conflict. Within this category, conventional crude oil surged 44.3%, while synthetic crude oil rose 38.5%.
Crop prices climbed 3.9%, posting a third consecutive monthly advance. The increase was led by canola (up 6.5%), grains excluding wheat (up 4.3%), and wheat (up 7.1%). In contrast, prices for metal ores, concentrates, and scrap fell 0.9%, with silver ore prices down 4.5% and gold ore prices down 2.4%. On a yearly basis, the RMPI rose 23.6% in March.
