Industrial product and raw materials price indexes, June 2025
Released: 2025-07-21
June 2025
0.4% 
(monthly change)
June 2025
0.3%
(monthly change)
June 2025
2.7%
(monthly change)
June 2025
0.8%
(monthly change)
In June, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 0.4% month over month and increased 1.7% year over year. Meanwhile, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 2.7% month over month and grew 1.1% year over year.
Chart 1
Prices for industrial products increase in June
Industrial Product Price Index
The IPPI rose 0.4% month over month in June.
The prices of primary non-ferrous metal products rose 2.8% on a monthly basis in June, leading the monthly increase of the IPPI. The increase was mainly driven by higher prices for unwrought gold, silver, and platinum group metals, and their alloys (+5.9%). More specifically, unwrought platinum group metals and their alloys (+15.6%) posted their largest month-over-month increase since September 2012. Prices for unwrought silver and silver alloys (+8.4%) also rose in June 2025. Tightened global supply for platinum contributed to the sharp price increase. Rising jewellery demand also pushed platinum prices up as consumers purchased the metal as a less expensive alternative to high-priced gold.
Prices for meat, fish and dairy products rose by 2.2% in June, marking their seventh consecutive monthly increase. The gain in June was primarily driven by fresh and frozen chicken (+6.7%), followed by an increase in prices for fresh and frozen beef and veal (+2.2%). The increase for both chicken and beef was mainly attributed to strong seasonal demand heading into early summer, coupled with continued tight poultry and cattle supply.
Prices for energy and petroleum products increased 1.1% month over month in June, after posting declines for three months in a row. The increase was mainly due to higher prices for refined petroleum energy products (+1.1%), specifically diesel fuel (+3.6%). Diesel price increases were mainly driven by an increase in the prices of conventional crude oil (+8.2%), its primary production input. By contrast, prices of finished motor gasoline (-2.0%) fell month over month in June despite higher crude oil costs. Operations resumed in some US refineries after a temporary shutdown in April and May, increasing refining capacity and putting downward pressure on costs.
Prices for fruit, vegetables, feed and other food products increased by 1.2% month over month in June. The upward movement was led by higher prices of canola or rapeseed oil (+7.1%) and soybean oil (+17.0%). Canola oil prices have continued to rise as a result of tightening domestic supply, due in part to increased export demand and a shift by many Canadian farmers from canola to spring wheat in response to recent global trade uncertainty.
Prices in several commodity groups decreased in June, moderating the upward trend in the IPPI, including primary ferrous metal products (-2.4%), electrical, electronic, audiovisual and telecommunication products (-1.7%) and motorized and recreational vehicles (-0.3%).
Year over year
The IPPI increased 1.7% year over year in June, the ninth consecutive month of year-over-year increase.
Unwrought gold, silver, and platinum group metals, and their alloys (+30.9%) was the group with the largest contribution to the IPPI's year-over-year gain in June. High prices for gold were mainly supported by strong safe-haven investment demand over the 12 months ending in June 2025. Other key contributors to the IPPI's increase included fresh and frozen beef and veal (+15.7%).
Notable downward year-over-year movers in June included finished motor gasoline (-9.5%), diesel fuel (-5.6%) and unwrought nickel and nickel alloys (-14.5%).
Raw Materials Price Index
The RMPI increased 2.7% month over month in June. Excluding crude energy products, the RMPI rose 0.8%.
Prices for crude energy products rose 6.8% month over month in June, after falling for four months in a row. Both conventional crude oil (+8.2%) and synthetic crude oil (+6.4%) prices increased on a monthly basis in June. Crude oil prices spiked in early and mid June, mainly on account of geopolitical tensions in the Middle East, following Israel's strike on Iran, which caused supply disruption concerns. Crude oil prices fell in late June with the ease of geopolitical risks and the expectations of a ceasefire between the two countries. The production increase planned for August by the OPEC+ (Organization of the Petroleum Exporting Countries and its partners) also put downward pressure on oil prices. Despite the declines in prices towards the end of June, monthly average prices for crude oil were still higher relative to May.
The prices of metal ores, concentrates and scrap were up 1.4% on a monthly basis in June, mainly on higher prices of silver ores, concentrates and mill bullion (+10.3%). Silver prices began rising in 2024 because of growing industrial demand and a persistent global supply deficit. The rise observed in June 2025 was further driven by increased safe-haven investment due to concerns that US tariffs could negatively impact global trade.
In June, prices for animals and animal products increased 2.0% on a monthly basis. This was the largest monthly growth for this commodity group since April 2024 and was mainly driven by price movements from hogs (+7.9%) and cattle and calves (+1.8%). The 24% year-over-year increase in pork exports in May, coupled with strong seasonal domestic demand, created significant upward pressure on hog prices.
Year over year
The RMPI rose 1.1% on a yearly basis in June. Excluding crude energy products, the RMPI posted an 11.8% year-over-year rise.
The RMPI's year-over-year increase in June was headlined by gains for gold, silver, and platinum group metal ores and concentrates (+34.2%), cattle and calves (+16.7%), and canola (including rapeseed) (+14.5%). The year-over-year increase in canola prices was mainly driven by a tighter supply resulting from unusually low ending stocks for 2024/2025, stronger export demand compared with June 2024, and adverse weather conditions impacting the crop yield.
In June 2025, prices notably declined on a year-over-year basis for conventional crude oil (-15.8%) and synthetic crude oil (-14.9%), largely moderating the RMPI's year-over-year increase.
Chart 2
Prices for raw materials increase in June
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Note to readers
The Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) are available at the Canada level. Selected commodity groups within the IPPI are also available by region.
With each release, data for the previous six months may have been revised. The indexes are not seasonally adjusted.
The IPPI reflects the prices that producers in Canada receive as goods leave the factory gate. The IPPI does not reflect what the consumer pays. Unlike the Consumer Price Index, the IPPI excludes indirect taxes, such as sales taxes and tariffs, and all costs that occur between the time a good leaves the plant and the time the final user takes possession of the good. This includes transportation, wholesale and retail costs. Although the IPPI does not measure the direct effect of tariffs on prices, tariffs may indirectly influence prices measured in the IPPI. For example, inputs used in the production process that are imported and on which Canada imposes a tariff may raise the prices charged by Canadian producers. Tariffs on Canadian imports or exports may also indirectly influence prices in the IPPI through their impact on supply and demand dynamics.
Canadian producers export many goods. Canadian producers often indicate goods' prices in foreign currencies, especially in US dollars, which are then converted into Canadian dollars. This is particularly the case for motor vehicles, pulp and paper products, and wood products. Therefore, fluctuations in the value of the Canadian dollar against its US counterpart affect the IPPI. However, the conversion to Canadian dollars reflects only how respondents provide their prices. This is not a measure that takes into account the full effect of exchange rates.
The conversion of prices received in US dollars is based on the average monthly exchange rate established by the Bank of Canada and available in Table 33-10-0163-01 (series v111666275). Monthly and annual variations in the exchange rate, as described in the release, are calculated according to the indirect quotation of the exchange rate (for example, CAN$1 = US$X).
The RMPI reflects the prices paid by Canadian manufacturers for key raw materials. The RMPI includes all charges purchasers incur to bring a commodity to the establishment gate, including transportation charges, net taxes paid, and customs duties and tariffs paid on imported raw materials. Many of the prices measured by the RMPI are set on the world market. However, as few prices are denominated in foreign currencies, their conversion into Canadian dollars has only a minor effect on the calculation of the RMPI.
Products
Statistics Canada launched the Producer Price Indexes Portal as part of a suite of portals for prices and price indexes. This webpage provides Canadians with a single point of access to a variety of statistics and measures related to producer prices.
The video "Producer price indexes" is available on the Statistics Canada Training Institute webpage. It introduces Statistics Canada's producer price indexes: what they are, how they are made and what they are used for.
Next release
The industrial product and raw materials price indexes for July will be released on August 21.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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