Canada Wholesale Prices

Canada’s Raw Materials Price Index (RMPI) fell 0.6% month-over-month in August 2025, reversing a 0.3% rise in July and missing expectations of a 1.2% increase. Crude energy products led the decline (-3.7%), with conventional crude oil down 3.5% and synthetic crude oil 5.1%, pressured by oversupply fears after OPEC+ raised its September production target. Crop product prices dropped 1.7%, driven by a 6.4% fall in canola amid weaker demand from China due to tariffs. In contrast, metal ores, concentrates, and scrap rose 2.0%, with gold and silver ores extending a year-long rally. Excluding crude energy, the RMPI rose 0.9% in August and was up 15.5% year-on-year, while the overall index gained 3.2% annually.