FX.co ★ Canadian Raw Materials Inflation Exceeds Forecasts

Canada’s Raw Materials Price Index increased 4.8% month over month in September 2026, surpassing market expectations of a 3.1% gain and accelerating from a 3.3% rise in August.

Crude energy products led the advance, with prices jumping 14.4% after a 7.1% increase in August. Within this category, conventional crude oil prices rose 16.8%, while synthetic crude oil prices were up 9.0%.

Crop product prices also contributed to the overall gain, rising 2.1% and reversing a 0.7% decline in August. The increase was driven mainly by higher prices for canola (+3.7%) and other crop products (+1.2%).

These gains were partially offset by lower prices for metal ores, concentrates and scrap, which fell 0.7%. This decline reflected weaker prices for gold, silver and platinum group metal ores and concentrates (-1.2%). Prices for gold ores, concentrates and mill bullion slipped 1.5%. Prices for animals and animal products also moved lower, decreasing 1.1%.

On a year-over-year basis, the Raw Materials Price Index rose 27%.