Canada’s raw materials prices fell 2.2% month over month in July 2026, following a 6.9% decline in June and surpassing expectations for a 1.8% drop. Prices for crude energy products decreased 3.6%, marking a third consecutive monthly decline, as both synthetic crude oil (-8.9%) and conventional crude oil (-1.5%) weakened after crude shipments through the Strait of Hormuz temporarily increased in early July.
Metal ores, concentrates, and scrap prices fell 4.7% for the second month in a row, driven by a 7.2% decrease in gold, silver, and platinum group metal ores and concentrates. Nickel ores and concentrates also declined, down 4.8%.
In contrast, crop product prices rose 4.8%, the largest monthly increase since March 2022, reversing a 0.8% decline in June. On a year-over-year basis, the Raw Materials Price Index (RMPI) increased 18.1% in July, easing from a 21% gain in June.
