Canada’s raw materials prices rose 3.1% month-on-month in August 2026, rebounding from a 2.1% decline in July and well above market expectations of a 0.7% gain. Prices for crude and energy products were the main driver, surging 7.1% following three consecutive months of declines, as renewed tensions between the US and Iran pushed energy prices higher. Both synthetic crude oil (21.6%) and conventional crude oil (2.8%) recorded monthly increases. Meanwhile, prices for metal ores, concentrates and scrap rebounded, rising 4% after two consecutive monthly declines, driven by higher prices for gold, silver and platinum group metal ores and concentrates (8.1%), marking the first monthly increase since the start of the year. Silver ores, concentrates and mill bullion gained 9.8%, while gold ores, concentrates and mill bullion rose 6.9%. In contrast, prices for animals and animal products fell 3.4%, marking their largest decline since July 2020.