Canada’s Raw Materials Price Index rose 0.3% in July 2025, slowing from a 2.7% gain in June. Prices for animals and animal products jumped 3.2%, the strongest monthly increase since April 2024, led by hogs (+6.6%) amid strong seasonal demand. Crude energy products edged up 0.2%, with synthetic crude rising 1.0% while conventional crude was flat. Oil prices were supported by US threats of tariffs on countries purchasing Russian oil, including India and China. On a yearly basis, the RMPI rose 0.8% in July.