The Canadian Raw Materials Price Index fell 0.4% month-on-month in May 2025, following a 3% decline in April, marking the third consecutive monthly drop and coming in below expectations of a 0.8% decrease.
The decline was mainly driven by crude energy products, which dropped 4.5% from the previous month, with conventional crude oil falling 4.3%, partly due to increased OPEC production and concerns about a potential oversupply in the global crude oil market, which put downward pressure on prices in May. In contrast, prices for metal ores, concentrates, and scrap rose by 1.9%, led by a 2.4% increase in the gold, silver, and platinum group of metals. Agricultural product prices also increased by 1.1%, driven by a 6.2% rise in canola prices due to supply shortages. On a year-over-year basis, the RMPI declined by 2.8%.
