Canada’s producer prices rose 2.0% month-over-month in April 2026, following a 2.4% increase in March and exceeding market expectations of 1.3%. Shipping disruptions in the Strait of Hormuz, a critical global route for petroleum and other commodities, pushed several commodity prices higher for the second consecutive month. Energy and petroleum products surged 7.7%, after a 26.9% jump in March, driven by higher refined petroleum product prices (+8.1%). Key components included finished motor gasoline (+12.8%), diesel fuel (+3.9%), light fuel oils (+2.7%), and jet fuel (+2.5%). Prices for chemicals and chemical products rose 7.3%, the largest monthly increase on record (data since January 1981), led by plastic resins (+35.7%), dyes and pigments, and petrochemicals (+15.0%). Fertilizers, pesticides, and other chemical products added 5.7%. Excluding energy and petroleum, producer prices increased 1.1%. Annually, producer price inflation reached 11.4% in April, the highest since July 2022.