Canada’s Raw Materials Price Index increased 0.6% month over month in February, less than market expectations for a 2.4% rise, and was up 8.6% year over year, driven mainly by a 4.8% increase in crude energy products as both conventional and synthetic oil prices climbed amid rising geopolitical risks linked to US Iran tensions. Excluding energy, the index fell 1.1%. Metal ores and scrap declined 2.7%, with sharp drops in silver and iron ore prices as inventories in China increased. Crop products rose 0.7%, led by a 6.3% jump in canola after China reduced tariffs on Canadian imports. On an annual basis, the RMPI excluding energy surged 20.9%, supported by strong gains in precious metal ores and livestock prices, while crude oil prices remained lower year over year despite recent upward pressure from geopolitical concerns.