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.