Canada’s Raw Materials Price Index surged 12.0% month-on-month in March 2026, exceeding forecasts of 9.3% and a sharp rise from 0.6% in February. Crude energy products rose 41.1%, the largest monthly gain since May 2020, driven by supply disruptions in the Strait of Hormuz due to the US-Iran conflict. Conventional crude oil jumped 44.3%, and synthetic crude oil rose 38.5%. Crop prices increased 3.9%, marking the third consecutive monthly rise, led by canola (6.5%), grains (except wheat) (4.3%), and wheat (7.1%). Metal ores, concentrates, and scrap declined 0.9%, with silver ores down 4.5% and gold ores down 2.4%. The RMPI rose 23.6% year-on-year in March.
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