FX.co ★ Canada’s Raw Material Prices Ease in July, Year‑Over‑Year Growth Slows to 18.1%

Canada’s Raw Materials Price Index (RMPI) showed a moderation in cost pressures in July 2026, with year‑over‑year growth easing to 18.1%, down from 20.7% in June 2026. The latest figures, updated on 20 August 2026, indicate that while input prices for producers continue to rise compared with a year earlier, the pace of that increase is slowing.

On a year‑over‑year basis, the “actual” July reading compares raw material prices in July 2026 with those in July 2025, while June’s “previous” reading reflected the change between June 2026 and June 2025. The deceleration from 20.7% to 18.1% suggests some relief in upstream cost pressures for Canadian manufacturers and resource‑intensive industries, even though raw materials remain significantly more expensive than a year ago.

Market participants and policymakers will be watching upcoming RMPI releases to assess whether this slowdown marks the beginning of a more sustained easing in input price inflation, or merely a pause in what has been an extended period of elevated raw material costs in Canada.