Canada's Industrial Product Price Index (IPPI) rose +0.5% MoM and +4.0% YoY in August 2025, marking the 11th consecutive annual increase despite energy prices weighing on the monthly gain.

• Excluding energy and petroleum products, the IPPI advanced +0.7% MoM, reflecting broader pricing strength across manufactured goods.

• Meat, fish, and dairy products rose +1.9% MoM, led by fresh and frozen beef and veal (+5.2%) and chicken (+2.1%), with beef recording its largest monthly gain since June 2024.

• Primary non-ferrous metals increased +1.0% MoM, driven by unwrought gold (+1.6%) and silver (+1.9%), though platinum group metals fell -3.7% after three months of strong gains.

• Energy and petroleum products fell -1.3% MoM, as conventional crude oil (-3.9%) and diesel fuel (-6.0%) declined, partly offset by finished motor gasoline (+1.8%).

• On a YoY basis, unwrought gold, silver, and platinum group metals surged +36.3%, while beef (+28.9%) and poultry (+18.4%) also saw strong increases.

• Finished motor gasoline declined -5.4% YoY, the largest drag on the index, reflecting base effects from high prices in August 2024.

Canada's Raw Materials Price Index (RMPI) fell -0.6% MoM in August 2025 but rose +3.2% YoY, with crude energy declines offset by strength in metals and livestock.

• Excluding crude energy, the RMPI rose +0.9% MoM and +15.5% YoY, showing broad-based gains outside the energy sector.

• Crude energy products dropped -3.7% MoM, led by conventional crude oil (-3.5%) and synthetic crude (-5.1%), as OPEC+ supply increases pressured markets.

• Metal ores, concentrates, and scrap rose +2.0% MoM, driven by gold (+2.0%) and silver (+2.3%), marking a 12th consecutive monthly increase.

• Crop products fell -1.7% MoM, led by canola (-6.4%), after Chinese tariffs reduced export demand.

• On a YoY basis, precious metal ores surged +37.0% and cattle and calves rose +19.9%, supported by supply shortages.

• Conventional crude oil (-16.2% YoY) and synthetic crude (-16.6% YoY) posted sharp annual declines, limiting overall RMPI growth.

Industrial Product Price Index (IPPI) rose 0.7% MoM in July and 2.6% YoY, marking the 10th consecutive annual gain.

• Energy and petroleum products increased 2.7% MoM, with diesel fuel up 6.6% due to low distillate stocks.

• Primary non-ferrous metals gained 2.7% MoM, led by unwrought platinum group metals (+12.4%) and silver (+4.8%), while unwrought gold fell -0.3%.

• Meat, fish, and dairy prices rose 0.6% MoM, with chicken up 7.9% and pork up 3.7% amid strong demand.

• On a YoY basis, unwrought gold, silver, and PGMs surged 33.7%, beef increased 16.5%, and softwood lumber rose 12.0%.

• Declines were seen in finished motor gasoline (-10.9% YoY), oilseed meal (-33.2% YoY), and gasoline engines/parts (-12.1% YoY).

Raw Materials Price Index (RMPI) rose 0.3% MoM in July and 0.8% YoY, with stronger growth excluding crude energy products.

• Animals and animal products jumped 3.2% MoM, the largest rise since April 2024, driven by hogs (+6.6%).

• Crude energy products rose 0.2% MoM, with synthetic crude up 1.0% and conventional crude flat.

• On a YoY basis, RMPI gains were led by gold, silver, and PGMs (+30.9%), cattle (+17.1%), and hogs (+18.1%).

• Conventional crude oil (-18.0% YoY) and synthetic crude (-15.2% YoY) weighed on the index, moderating overall growth.

Canada’s Industrial Product Price Index (IPPI) rose 0.4% MoM and 1.7% YoY in June 2025, led by higher prices for precious metals, meat, and energy products.

• Non-ferrous metal prices jumped 2.8% MoM, driven by platinum group metals (+15.6%) and silver (+8.4%) amid tight supply and rising jewelry demand.
• Meat, fish, and dairy prices rose 2.2% MoM, with chicken up 6.7% and beef up 2.2% on seasonal demand and tight supply.
• Energy and petroleum products increased 1.1% MoM, with diesel fuel up 3.6% on higher crude oil costs.
• On a YoY basis, unwrought gold, silver, and PGMs surged 30.9%, while beef rose 15.7%; gasoline (-9.5%) and nickel (-14.5%) fell.

The Raw Materials Price Index (RMPI) increased 2.7% MoM and 1.1% YoY in June 2025.

• Crude energy products jumped 6.8% MoM due to geopolitical tensions and tight supply; conventional crude rose 8.2%.
• Excluding energy, RMPI rose 0.8% MoM and 11.8% YoY, with silver ores (+10.3%) and hogs (+7.9%) leading gains.
• YoY gains were strongest in gold/silver/PGM ores (+34.2%), cattle (+16.7%), and canola (+14.5%), while crude oil prices remained a major drag.