Industrial product and raw materials price indexes, January 2026
Released: 2026-02-20
January 2026
2.7% 
(monthly change)
January 2026
2.8%
(monthly change)
January 2026
7.7%
(monthly change)
January 2026
9.0%
(monthly change)
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 2.7% month over month in January and were up 5.4% year over year. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased by 7.7% month over month in January and rose 8.0% year over year.
Chart 1
Prices for industrial products increase in January
Industrial Product Price Index
The IPPI increased 2.7% month over month in January, following a 0.9% decline in the previous month. A significant increase was recorded in primary non-ferrous metal products (+18.2%), driving the monthly gain in the IPPI. Other groups contributing to the upward movement included energy and petroleum products (+1.7%), chemicals and chemical products (+2.2%), motorized and recreational vehicles (+0.7%), and lumber and other wood products (+1.4%).
Prices for primary non-ferrous metals increased 18.2% month over month in January, led by the ninth straight monthly increase for unwrought gold, silver, and platinum group metals, and their alloys (+25.9%). Unwrought silver and silver alloys (+40.7%), unwrought platinum group metals, and their alloys (+25.3%), and unwrought gold and gold alloys (+9.9%) posted substantial price gains. Gold, silver and platinum set record high prices in January as global geopolitical uncertainty drove safe-haven investment demand. Meanwhile, China implemented restrictions on silver exports, effective January 1. Several industrial metals recorded price gains in January as well. Unwrought copper and copper alloys (+10.3%) increased for a fifth consecutive month while the prices of unwrought nickel and nickel alloys rose 19.5% in January compared with the previous month.
The prices of energy and petroleum products increased 1.7% in January. Higher prices for refined petroleum energy products (+1.9%) were the main driver of the increase. Both diesel fuel (+3.4%) and finished motor gasoline (+2.6%) increased on a monthly basis. Higher prices for crude energy products (+4.6%), the primary input for refined petroleum energy products, contributed to the upward movement in this group.
Softwood lumber rose 3.7% in January, after posting a decrease of 6.2% in the previous month. The increase was partially driven by tight supply conditions caused by severe winter conditions in Eastern Canada and ongoing mill closures across Canada.
Year over year
The IPPI was up 5.4% year over year in January, the index's 16th straight month with a year-over-year increase.
The year-over-year increase in the IPPI was mainly driven by higher prices for unwrought silver and silver alloys (+188.2%), unwrought gold and gold alloys (+67.5%) and unwrought platinum group metals, and their alloys (+123.7%). Other product groups that made notable contributions to the upward movement included fresh and frozen poultry of all types (+40.1%) and unwrought copper and copper alloys (+38.6%).
Raw Materials Price Index
The RMPI increased 7.7% month over month in January, mainly driven by higher prices for metal ores, concentrates and scrap (+15.6%), as well as crude energy products (+4.6%). Excluding crude energy products, the RMPI increased 9.0%.
The prices of metal ores, concentrates and scrap rose 15.6% month over month in January, a ninth consecutive monthly increase. Price gains for silver ores, concentrates and mill bullion (+41.8%) and gold ores, concentrates and mill bullion (+9.5%) were the main drivers of the increase. Prices for nickel ores and concentrates (+19.2%) and copper ores and concentrates (+10.6%) posted notable increases as well. Copper prices rose in part due to strong expectations of demand linked with the use of copper in emerging technologies such as data centres and electric vehicles, while nickel prices were influenced by the anticipation of reduced production quotas in Indonesia, the world's largest nickel producer.
Prices for crude energy products rose 4.6% in January. Both conventional crude oil (+4.9%) and synthetic crude oil (+4.3%) posted monthly increases. Ongoing domestic unrest in Iran, one of the top producers in the Organization of the Petroleum Exporting Countries (OPEC), combined with rising geopolitical tensions between the United States and Iran in early 2026, raised concerns about potential oil supply disruptions and contributed to higher crude oil prices.
Year over year
The RMPI rose 8.0% on a yearly basis in January. Excluding crude energy products, the RMPI was up 25.7% year over year in January.
The year-over-year increase in the RMPI was led by gold, silver, and platinum group metal ores and concentrates (+109.0%). Cattle and calves (+13.0%), and copper ores and concentrates (+35.4%) also contributed to the yearly increase in the RMPI, to a lesser extent.
Notable downward year-over-year movements within the RMPI included conventional crude oil (-22.1%) and synthetic crude oil (-19.7%). The elevated global supply of liquid fuels, including crude oil, continued to exert downward pressure on prices. According to the United States Energy Information Administration, production is expected to increase further in 2026.
Chart 2
Prices for raw materials increase in January
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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. The indexes are not seasonally adjusted.
A Technical Guide for the Industrial Product Price Index is now available. This guide provides additional details regarding the methodology used to calculate the index.
With each release, data for the previous six months may have been revised. For the February 20, 2026, release of January 2026 data, the revision window has been temporarily extended to cover data from August 2024 onward. This is to accommodate newly obtained data for North American Product Classification System (NAPCS) code 15521 – Bauxite and aluminum oxide. Data for August 2024 through December 2025 have been revised for Bauxite and aluminum oxide [NAPCS 15521] and the categories above it in the Variant of the North American Product Classification System - RMPI as well as Refined aluminum oxide [155P] and the categories above it in the Variant of the North American Product Classification System - IPPI. The revised IPPI industry index series are Alumina and aluminum production and processing [33131] and the categories above it in the North American Industry Classification System. Data for other RMPI and IPPI index series remain unchanged prior to July 2025, in accordance with standard revision practices.
As of the January 2026 reference month, the IPPI has begun disseminating index series for cannabis products (January 2020=100), linked to the "IPPI excluding energy and petroleum products" series in December 2025. The following series are now disseminated: Cannabis products (except seeds, plants, plant parts and fresh cannabis) [P15] in Table 18-10-0265-01 Industrial product price index, by major product group, monthly; Cannabis products (except seeds, plants, plant parts and fresh cannabis) [P15], Cannabis products (except seeds, plants, plant parts and fresh cannabis) [213P], Dried cannabis flowering tops (including leaves) [21312P], and Cannabis products (except seeds, plants, and plant parts) [21313] in Table 18-10-0266-01 Industrial product price index, by product, monthly; Cannabis product manufacturing [3123] and Cannabis product manufacturing [31231] series in Table 18-10-0267-01 Industrial product price index, by industry, monthly.
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.
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.
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 February will be released on March 20.
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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