Canada’s Raw Materials Price Index (RMPI) increased 0.5% month-on-month in December 2025, following a 0.3% gain in November, and countering expectations for a 0.5% decrease. Prices for animals and animal products fell 1.3% in December. Crude energy products slipped 4.1%, with conventional crude oil down 4.7%, pressured by global oil oversupply and weak demand from China. In contrast, prices for metal ores, concentrates and scrap increased 6.2%, led by a 25.0% rise in silver ores and a 3.7% gain in gold ores, marking the eighth consecutive monthly increase. Excluding crude energy products, the RMPI advanced 2.4%.