Canada’s Raw Materials Price Index (RMPI) edged up 0.3% month-on-month in November 2025, following a 1.6% gain in October and missing market expectations of a 0.6% rise. Prices for animals and animal products fell 2.0%, the largest monthly decline since September 2024, driven by a 7.5% drop in hog prices as lower production costs boosted supply, alongside seasonal post-summer demand weakness. Crude energy prices slipped 0.5%, with conventional crude oil down 0.9%, pressured by global oversupply, although geopolitical risks from the Russia-Ukraine conflict partially offset the decline. In contrast, prices for metal ores, concentrates, and scrap increased 1.5%, led by a 4.0% gain in gold, silver, and platinum group metal ores and concentrates, marking the 15th consecutive monthly increase. Excluding crude energy products, the RMPI advanced 0.6%.