Canada’s raw materials price index (RMPI) rose 0.7% month over month in May 2026, easing from a 2.6% increase in April and coming in below market expectations of a 1.1% gain.
Crop product prices advanced 2.2%, extending their gains for a fifth consecutive month. The increase was driven by higher prices for canola (3.5%), grains (3.2%), and wheat (4.6%).
Prices for metal ores, concentrates, and scrap climbed 0.5%, supported by notable increases in nickel ores and concentrates (4.6%) and copper ores and concentrates (4.6%). These gains were partly offset by lower prices for gold, silver, and platinum group metal ores and concentrates, which declined 0.6%.
In contrast, crude energy products fell 0.5% in May, following sharp increases in March and April. The decline was largely attributable to a 4.3% drop in synthetic crude oil prices. Even so, crude energy prices remained elevated overall, reflecting ongoing geopolitical tensions in the Middle East.
On a year-over-year basis, the RMPI jumped 33.4% in May.
