Canada’s Industrial Product Price Index rose 0.6% month over month in July 2026, rebounding from a 1.4% decline in June and defying expectations for a 0.4% decrease. The advance was primarily driven by higher energy and petroleum product prices, which increased 6.4% as the resumption of the US–Iran conflict in July heightened supply concerns. Prices for refined petroleum energy products climbed 6.9%, led by diesel fuel (+10.4%) and finished motor gasoline (+4.7%). Crude oil shipments through the Strait of Hormuz briefly recovered in early July, temporarily easing crude prices during the period.
Partially offsetting these gains, prices for primary non-ferrous metals fell 5.2%, reflecting notable declines in unwrought gold, silver and platinum group metals (-6.9%), as well as unwrought aluminum and aluminum alloys (-7.0%). Prices for chemicals and chemical products were down 3.4%, mainly due to a 10.8% drop in fertilizers, pesticides and other chemical products.
