Industrial product and raw materials price indexes, October 2025

Released: 2025-11-20

In October, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 1.5% month over month and gained 6.0% year over year. Meanwhile, prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 1.6% month over month and rose 5.8% year over year.

Chart 1 
Prices for industrial products increase in October

Industrial Product Price Index

Following a gain of 1.0% in September, the IPPI increased 1.5% month over month in October, marking the fifth consecutive monthly increase. Prices notably rose in October for primary non-ferrous metal products. Lower prices for energy and petroleum products moderated the increase. Excluding energy and petroleum products, the IPPI increased 1.9% in October.

Prices for primary non-ferrous metal products rose 9.8% in October. This was the largest month-over-month increase for the group since the start of the series in January 2010. The increase in October 2025 was primarily due to substantial price gains for unwrought silver and silver alloys (+17.2%), unwrought gold and gold alloys (+12.0%) and unwrought platinum group metals, and their alloys (+16.5%). Precious metals posted price increases in October as a result of strong safe-haven demand caused by factors such as international trade tensions and uncertainty. Silver and platinum group metal prices were additionally supported by global supply tightness and sustained industrial demand.

The prices of unwrought copper and copper alloys (+8.7%) also made a notable contribution to the increase in the primary non-ferrous metal products category. In October, prices were supported by concerns that the copper market was undersupplied due to a series of production disruptions around the globe in 2025. In September, Indonesia, a major copper producer, saw disruptions in copper production due to mudslides.

Prices for lumber and other sawmill products rose 4.3% month over month in October, driven by higher prices for softwood lumber (+6.9%). Operational curtailments in the Canadian lumber industry led to reduced supply in recent months, helping softwood lumber prices partially rebound after posting a 9.0% decline in September. Furthermore, on September 29, the United States announced an additional 10% tariff on Canadian lumber, effective October 14. In the first two weeks of October, buyers increased their purchases of Canadian lumber in anticipation of the tariff increase.

The prices of energy and petroleum products, falling 1.0% relative to September, were the main moderator of the IPPI's monthly increase in October. Lower prices for refined petroleum energy products (-0.9%), particularly for finished motor gasoline (-4.6%), drove the decrease in this group. The decline in refined petroleum energy products mainly resulted from lower prices for conventional crude oil (-4.3%), the primary production input for such products.

Year over year

The IPPI gained 6.0% year over year in October, the index's 13th straight year-over-year increase.

The year-over-year increase in the October IPPI was driven by price movements in unwrought gold, silver, and platinum group metals, and their alloys (+54.0%). Other key upward contributors included fresh and frozen beef and veal (+24.9%), as well as fresh and frozen poultry of all types (+27.9%).

The subgroups registering year-over-year declines in October included wood trusses and engineered wood members (-27.1%), thermoplastic resins, except biodegradable (-11.4%) and oilseed cake and meal (-18.0%).

Raw Materials Price Index

The RMPI increased 1.6% month over month in October, the second consecutive monthly increase. The increase in October was driven by higher prices for metal ores, concentrates and scrap. Excluding crude energy products, the RMPI increased 4.2%.

The prices of metal ores, concentrates and scrap increased 9.0% from September to October. The main contributor to the increase was the gold, silver, and platinum group metal ores and concentrates (+13.8%) subcategory, which registered its 14th straight monthly gain and its largest increase since August 2020.

Prices for crude energy products fell 4.3% in October 2025. Price declines were observed for both conventional crude oil (-4.3%) and synthetic crude oil (-5.3%). The decline in crude oil prices was driven by global oversupply, resulting from increased production by both OPEC+ (Organization of the Petroleum Exporting Companies and its partners) and non-OPEC+ countries. According to Energy Information Administration estimates, monthly global crude oil production in 2025 has exceeded the production level of the corresponding month in 2024 since March, and this trend is expected to persist throughout 2025.

Year over year

The RMPI rose 5.8% on a yearly basis in October. Excluding crude energy products, the RMPI posted a 19.3% year-over-year rise in October.

The RMPI's year-over-year increase in October was headlined by gains for gold, silver, and platinum group metal ores and concentrates (+54.0%) and cattle and calves (+22.9%). The year-over-year increase in cattle prices was largely the result of ongoing domestic supply shortages.

In October, prices notably declined on a year-over-year basis for conventional crude oil (-16.7%) and synthetic crude oil (-17.4%), largely moderating the RMPI's year-over-year increase. Crude oil prices have experienced several monthly declines in 2025, in part due to strong global supply.

Chart 2 
Prices for raw materials increase in October

Contact information

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