The Canadian Raw Materials Price Index (RMPI) rose 2.7% month-over-month in June 2025, sharply reversing a revised 0.7% decline in May and beating market expectations of a 0.1% drop. The uptick was primarily driven by a 6.8% increase in crude energy prices - with conventional crude oil up 8.2% and synthetic crude oil rising 6.4% - fueled by Middle East geopolitical tensions following Israel’s strike on Iran, which raised supply disruption concerns. Meanwhile, metal ores, concentrates, and scrap prices gained 1.4%, led by a 10.3% surge in silver prices amid growing industrial demand and supply deficits, alongside safe-haven buying from US tariff worries. Agricultural product prices rose 2.0%, the largest monthly gain since April 2024, boosted by higher hog prices (+7.9%), supported by strong pork exports and seasonal demand, along with increases in cattle and calves prices (+1.8%). On a year-over-year basis, the RMPI increased 1.1% in June, rebounding from a revised 3.2% decline in May.