Canada’s Industrial Product Price Index rose 0.6% month-over-month in July 2026, rebounding from a 1.4% decline in June and exceeding forecasts for a 0.4% drop. The increase was driven by higher energy and petroleum product prices, which rose 6.4% as the resumption of the US-Iran conflict in July added to supply concerns. Refined petroleum energy products climbed 6.9%, led by diesel fuel (+10.4%) and finished motor gasoline (+4.7%). Crude oil shipments through the Strait of Hormuz briefly recovered in early July, pushing crude prices lower during the period. Offsetting some of the increase, primary non-ferrous metal prices fell 5.2%, driven by lower prices for unwrought gold, silver and platinum group metals (-6.9%) and unwrought aluminum and aluminum alloys (-7.0%). Prices for chemicals and chemical products declined 3.4%, mainly due to a 10.8% drop in fertilizers, pesticides and other chemical products.