Canada’s raw materials prices fell 2.2% month-over-month in July 2026, following a 6.9% decline in June and exceeding forecasts for a 1.8% drop. Prices for crude energy products fell 3.6%, extending their decline to a third consecutive month, as synthetic crude oil (-8.9%) and conventional crude oil (-1.5%) both weakened after crude shipments through the Strait of Hormuz temporarily increased in early July. Metal ores, concentrates and scrap prices declined 4.7% for a second straight month, led by a 7.2% drop in gold, silver and platinum group metal ores and concentrates. Nickel ores and concentrates also fell 4.8%. Meanwhile, crop product prices rose 4.8%, the largest monthly increase since March 2022, reversing a 0.8% decline in June. Year over year, the RMPI increased 18.1% in July, slowing from a 21% gain in June.