Amid a softening in crude energy prices, overall raw material prices eased in July, but input prices remain elevated from 2025, according to new data from Statistics Canada.
In July, the Raw Materials Price Index (RMPI), which represents the cost of inputs purchased by Canadian manufacturers, declined by 2.2%, the national statistical agency said.
Prices for crude oil led the way, declining by 3.6% in the month.
Crude prices eased as “shipments through the Strait of Hormuz temporarily increased in early July,” Statistics Canada said.
Alongside the drop in oil prices, metals prices were down in July too — led by lower prices for precious metals, including gold, silver and platinum.
These declines were partly offset by higher agricultural prices, the agency noted.
Still, excluding crude energy, the RMPI was down 1.5% in July.
The softening in July also impacted the year-over-year price trends, with the RMPI registering a 18.1% year-over-year increase in the month, down from 21% in June.
At the same time, Statistics Canada reported that the Industrial Product Price Index (IPPI), which reflects the price of goods manufactured in Canada, was up 0.6% in July.
While crude prices eased in July, prices for refined energy products were up 6.4% in July, driving the increase in the IPPI.
“Crude oil shipments through the Strait of Hormuz recovered for a brief period in early July. … However, according to the International Energy Agency, refined product markets remained tight, pushing petroleum refinery margins to four-year highs in early July,” Statistics Canada said.
Excluding energy products, the IPPI decreased by 0.2% in July, led by lower prices for precious metals and aluminium, along with weaker fertilizer, pesticide and other chemical product prices.
On a year-over-year basis, the IPPI was up 12.4% in July.