Driven by higher metals prices, input price inflation picked up in January, according to new data from Statistics Canada.
The national statistical agency reported that raw materials prices were up by 7.7% in January on a month-over-month basis, and up 8% on a year-over-year basis.
Alongside the increase in raw materials prices, Statistics Canada also reported that the prices of products manufactured in Canada — as tracked by the Industrial Product Price Index (IPPI) — were up 2.7% in January (month-over-month), and up 5.4% on a year-over-year basis.
The increase in the IPPI for January came in the wake of a 0.9% decline in prices for the previous month, and was driven by higher precious metals prices, with silver prices up 40.7%, platinum rising 25.3%, and gold up 9.9%.
“Gold, silver and platinum set record high prices in January as global geopolitical uncertainty drove safe-haven investment demand,” Statistics Canada said.
Additionally, prices for certain industrial metals, including copper and nickel, recorded price gains in January — and energy and lumber prices were up too, Statistics Canada noted.
The increase in raw materials prices was also led by higher prices for metal ores, concentrates and scrap, which rose 15.6% in the month — led by higher silver and nickel prices, followed by smaller increases in gold and copper prices.
“Copper prices rose in part due to strong expectations of demand linked with the use of copper in emerging technologies such as data centres and electric vehicles, while nickel prices were influenced by the anticipation of reduced production quotas in Indonesia, the world’s largest nickel producer,” Statistics Canada noted.
Crude energy prices were also up in January.
“Ongoing domestic unrest in Iran, one of the top producers in the Organization of the Petroleum Exporting Countries (OPEC), combined with rising geopolitical tensions between the United States and Iran in early 2026, raised concerns about potential oil supply disruptions and contributed to higher crude oil prices,” the agency said.