Industrial product and raw materials price indexes, March 2026

Released: 2026-04-23

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 2.4% month over month in March and gained 7.8% year over year. Meanwhile, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased by 12.0% month over month and rose 23.6% year over year.

Chart 1 
Prices for industrial products increase in March

Industrial Product Price Index

The IPPI increased 2.4% month over month in March, following a 0.6% increase in the previous month. The closure of the Strait of Hormuz, an important global shipping lane for petroleum and other products, was the main event impacting price movements across multiple commodities in March, including energy and petroleum products and chemicals and chemical products. A significant increase in prices was recorded in the energy and petroleum products category, driving the monthly gain in the IPPI, while the prices of chemicals and chemical products notably increased as well, to a lesser extent. Lower prices for primary non-ferrous metals and meat, fish and dairy products partly offset the upward trend in the IPPI. Excluding energy and petroleum products, the IPPI decreased 0.5% in March.

The prices of energy and petroleum products (+27.4%) rose for a third straight month in March. This series recorded its largest monthly increase in the history of the IPPI, going back to the inception of the energy and petroleum products series in 1981. Higher prices for refined petroleum energy products (+29.3%) were the main driver of the increase in March. Both diesel fuel (+33.2%) and finished motor gasoline (+28.8%) increased substantially on a monthly basis, as part of a broad increase in prices for refined petroleum energy products during the month of March. Higher prices for crude energy products (+41.1%), the primary input for refined petroleum products, contributed to the upward movement in this group.

Prices for chemicals and chemical products rose 4.1% in March, the largest increase since February 2021, driven primarily by higher prices for plastic resins (+15.4%) and petrochemicals (+8.9%). Ammonia and chemical fertilizers (+8.5%) also contributed to the increase in this group in March, to a lesser extent.

The prices of primary non-ferrous metal products (-1.7%) declined for the second straight month in March, following nine consecutive monthly increases from May 2025 through January 2026. Prices for unwrought gold, silver, and platinum group metals, and their alloys fell 4.0% month over month in March, led by declines for unwrought silver and silver alloys (-4.4%) and unwrought platinum group metals, and their alloys (-6.2%). Meanwhile, the prices of unwrought aluminum and aluminum alloys increased 8.3% month over month in March as aluminum supply from major Middle Eastern producers was disrupted.

Year over year

The IPPI gained 7.8% year over year in March, the index's 18th consecutive month of year-over-year increases.

The year-over-year increase in the IPPI in March was mainly driven by higher prices for unwrought gold, silver, and platinum group metals, and their alloys (+86.0%). Despite monthly price declines in March, precious metal prices increased on a year-over-year basis due to strong investment demand over the 12 months ending in March. Other product groups that notably contributed to the upward movement included diesel fuel (+46.9%), finished motor gasoline (+21.6%), grain and oilseed products, not elsewhere classified (n.e.c.) (+31.1%), fresh and frozen beef and veal (+17.8%) and unwrought copper and copper alloys (+22.9%).

Declining prices for softwood lumber (-10.8%) and fresh and frozen pork (-20.8%) notably moderated the year-over-year movement of the IPPI in March.

Raw Materials Price Index

The RMPI increased 12.0% month over month in March, driven by higher prices for crude energy products (+41.1%). Excluding crude energy products, the RMPI increased 0.2%.

Prices for crude energy products rose 41.1% in March, the largest monthly gain for this group since May 2020. Both conventional crude oil (+44.3%) and synthetic crude oil (+38.5%) posted monthly increases in March 2026. Higher prices for crude oil in March were mainly driven by supply disruptions, particularly the restriction of shipping flows through the Strait of Hormuz. Approximately 25% of the global seaborne oil trade was transported through the Strait of Hormuz in 2025, according to the International Energy Agency.

Prices for metal ores, concentrates and scrap decreased 0.9% month over month in March, a second consecutive monthly decline. Prices declined for both silver ores, concentrates and mill bullion (-4.5%) and gold ores, concentrates and mill bullion (-2.4%). Silver and gold prices reached historic highs in January 2026.

Prices for crop products increased 3.9% on a monthly basis in March, leading to a third consecutive monthly increase. This was the largest monthly growth for this commodity group since July 2023, and it was mainly driven by price movements from canola (including rapeseed) (+6.5%), grains (except wheat) (+4.3%), and wheat (+7.1%). The increase in canola prices was partially driven by higher crude oil prices, as canola is an input in the biofuel market. Wheat and grain prices posted increases in part due to increased fertilizer costs that were driven by supply chain disruptions.

Year over year

The RMPI rose 23.6% on a yearly basis in March. Excluding crude energy products, the RMPI posted a 21.8% year-over-year rise in March.

The year-over-year increase in the RMPI in March was led by the gold, silver, and platinum group metal ores and concentrates (+84.1%), conventional crude oil (+29.2%), synthetic crude oil (+25.6%), and cattle and calves (+18.2%) commodity groups.

Declining prices for other miscellaneous crop products (-24.3%) were the main moderator for the year-over-year decrease of the RMPI in March.

Chart 2 
Prices for raw materials increase in March

Contact information

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