Industrial product and raw materials price indexes, February 2026
Released: 2026-03-20
February 2026
0.4% 
(monthly change)
February 2026
-0.4% 
(monthly change)
February 2026
0.6%
(monthly change)
February 2026
-1.1%
(monthly change)
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.4% month over month in February and gained 5.4% 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 0.6% month over month and rose 8.6% year over year.
Chart 1
Prices for industrial products increase in February
Industrial Product Price Index
The IPPI increased 0.4% month over month in February, following a 2.8% increase in the previous month. A significant increase was recorded in energy and petroleum products, driving the monthly gain in the IPPI. Lower prices for primary non-ferrous metals and meat, fish and dairy products largely offset the upward trend in the IPPI, causing the IPPI's February movement to decelerate relative to the movement in January, despite a large increase in energy prices. Excluding energy and petroleum products, the IPPI decreased 0.4% in February.
The prices of energy and petroleum products (+7.8%) rose for a second straight month in February, leading the monthly increase in the IPPI. Higher prices for refined petroleum energy products (+8.2%) were the main driver of the increase. Both diesel fuel (+10.5%) and finished motor gasoline (+5.7%) increased on a monthly basis. Higher prices for crude energy products (+4.8%), the primary input for refined petroleum energy products, and elevated refinery margins contributed to the upward movement in this group. Crude prices started to rise in mid-February as tensions between Iran and the United States escalated.
The prices of primary non-ferrous metal products declined 3.7% month over month in February, their first decline since April 2025. The decline in February 2026 was driven by unwrought gold, silver, and platinum group metals, and their alloys (-5.5%), following a 25.9% increase in January. Unwrought silver and silver alloys (-10.8%) and unwrought platinum group metals, and their alloys (-10.9%) posted price decreases in February. Prices for unwrought gold and gold alloys (+4.9%) exhibited volatility over the course of the month, but increased overall compared with January. Precious metal prices fell early in February, reversing some of the gains from the previous month.
Prices for meat, fish and dairy products fell 5.9% month over month in February, down for a second consecutive month. This was the largest monthly decrease for this commodity group since July 2020, and was mainly driven by price movements for fresh and frozen poultry of all types (-16.8%) and fresh and frozen pork (-16.4%). Poultry prices decreased in part due to an increase in Canadian turkey stocks in early 2026 and Canada lifting a ban on Brazilian chicken in late December 2025, after restrictions were imposed during an avian flu outbreak earlier in 2025.
Year over year
The IPPI gained 5.4% year over year in February 2026, the index's 17th consecutive month of year-over-year increases.
The year-over-year increase in the IPPI in February was mainly driven by higher prices for unwrought gold, silver, and platinum group metals, and their alloys (+99.8%). Other product groups that notably contributed to the upward movement included unwrought copper and copper alloys (+32.6%), fresh and frozen beef and veal (+12.6%), fresh and frozen poultry of all types (+16.7%), and grain and oilseed products, not elsewhere classified (n.e.c.) (+16.9%).
Declining prices for finished motor gasoline (-7.5%) significantly moderated the year-over-year movement of the IPPI.
Raw Materials Price Index
The RMPI increased 0.6% month over month in February, mainly driven by higher prices for crude energy products (+4.8%). Excluding crude energy products, the RMPI decreased 1.1%.
Prices for crude energy products increased 4.8% in February, as both conventional crude oil (+4.5%) and synthetic crude oil (+6.2%) prices rose on a monthly basis. The increase was mainly driven by increasing geopolitical risk premiums, as escalating tensions between the United States and Iran raised concerns about potential oil supply disruptions.
The prices of metal ores, concentrates and scrap declined 2.7% month over month in February, the first month-over-month decrease for the group since April 2025. Lower prices for silver ores, concentrates and mill bullion (-10.5%) were the main driver of the decrease in this group in February 2026. A decrease in prices for iron ores and concentrates (-7.2%) also contributed to the monthly decline. Iron ore prices dropped in February as stockpiles rose in China, the world's largest iron ore market.
Prices for crop products rose 0.7% on a monthly basis in February. This was the largest monthly increase for this commodity group since November 2025, and was mainly driven by price movements from canola (including rapeseed) (+6.3%). The price increase for canola was mainly driven by improved demand prospects for Canadian canola farmers after China announced a substantial reduction in tariffs on Canadian canola seeds effective March 1, 2026.
Year over year
The RMPI rose 8.6% on a yearly basis in February. Excluding crude energy products, the RMPI posted a 20.9% year-over-year rise in February.
The year-over-year increase in the RMPI was led by gold, silver, and platinum group metal ores and concentrates (+92.4%). Cattle and calves (+14.4%) also posted a notable year-over-year increase.
Notable downward year-over-year movements within the RMPI included conventional crude oil (-14.1%) and synthetic crude oil (-11.0%). Crude oil prices faced downward pressure in the long term due to persistent global oversupply, despite geopolitical tensions that contributed to recent price increases.
Chart 2
Prices for raw materials increase in February
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.
As of the January 2026 reference month, the IPPI began 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] 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 March will be released on April 23.
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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