Canada’s Raw Materials Price Index (RMPI) rose 1.7% month-over-month in September 2025, rebounding from a 0.8% decline in August. The increase was mainly driven by higher metal ore prices (6.3%), led by gold, silver, and platinum group metals (9.6%). Prices climbed for both gold (9.1%) and silver (10.3%) ores and concentrates. In contrast, crude energy products fell 0.9%, with synthetic crude down 2.2% and conventional crude down 0.4%. Oil prices weakened as markets priced in higher OPEC+ supply from a planned output increase in November and softer fuel demand amid signs of a slowing US economy. Excluding crude energy products, the RMPI increased 3.1%.