Canada’s Raw Materials Price Index (RMPI) fell 2.2% month over month in July 2026, following a 6.9% decline in June and exceeding forecasts for a 1.8% drop. Crude energy product prices fell 3.6%, extending their decline to a third consecutive month, while metal ores, concentrates and scrap prices dropped 4.7% for a second straight month. The declines reflected weaker crude demand signals, global supply dynamics and softer industrial activity, although crop product prices rose 4.8%, their largest monthly increase since March 2022. The RMPI remained 18.1% higher than a year earlier, slowing from a 21% gain in June. Lower raw-material costs could ease producer and consumer-price pressures, but the broader weakness may also signal softer global demand and weigh on Canada’s commodity exports. The separate Industrial Product Price Index rose 0.6% in July as energy and petroleum prices increased.