Prices charged by Canadian manufacturers increased for a fifth consecutive month in May, driven by higher costs for chemicals, petroleum products and industrial metals.
The Industrial Product Price Index rose 1.2 percent from April and was 13.6 percent higher than a year earlier. The annual increase marked the 20th consecutive month in which industrial prices have been higher than in the same month a year earlier.
Higher energy prices and ongoing disruptions to shipping through the Strait of Hormuz continued to affect commodity markets and supply chains, contributing to price increases across several sectors.
Chemical and chemical products posted the largest monthly increase among major categories, rising 7.0 percent. Prices for plastic resins jumped 33.1 percent, while petrochemicals increased 17.0 percent.
Energy and petroleum products rose 2.5 percent in May. The increase was smaller than those recorded in March and April but extended a five-month run of gains. Prices for refined petroleum products climbed 1.9 percent, led by a 7.2 percent increase in finished motor gasoline.
Primary non-ferrous metal products increased 1.1 percent. Prices for unwrought aluminum and aluminum alloys rose 3.5 percent, while unwrought copper and copper alloys gained 4.5 percent.
Excluding energy and petroleum products, the Industrial Product Price Index increased 0.9 percent from April.
Compared with May 2025, some of the largest increases were recorded in precious metals and fuel products. Prices for unwrought silver and silver alloys surged 135.4 percent, while diesel fuel rose 61.0 percent and finished motor gasoline increased 47.9 percent. Prices for unwrought gold and gold alloys were up 38.2 percent from a year earlier, while platinum group metals and their alloys increased 76.0 percent.
The Raw Materials Price Index, which measures prices paid by manufacturers for key inputs, rose 0.7 percent in May and was 33.4 percent higher than a year earlier.
Crop products led the monthly increase, rising 2.2 percent. Canola prices gained 3.5 percent, grains excluding wheat rose 3.2 percent and wheat increased 4.6 percent. It was the fifth straight monthly increase for crop products.
Prices for metal ores, concentrates and scrap edged up 0.5 percent. Nickel ores and concentrates rose 4.6 percent, matching a 4.6 percent increase for copper ores and concentrates.
Crude energy products fell 0.5 percent in May after posting gains of 41.1 percent in March and 8.2 percent in April. Prices for synthetic crude oil declined 4.3 percent, while conventional crude oil increased 0.3 percent.
Excluding crude energy products, the Raw Materials Price Index rose 1.4 percent from April and was up 22.9 percent from a year earlier.
On an annual basis, conventional crude oil prices increased 58.7 percent, synthetic crude oil rose 58.6 percent and prices for gold, silver and platinum group metal ores and concentrates climbed 71.7 percent.
Some commodities recorded year-over-year declines. Prices for other miscellaneous crop products fell 22.5 percent, grains excluding wheat dropped 12.4 percent and natural gas prices were down 16.6 percent.
The May data show that cost pressures remained widespread across manufacturing supply chains, even as crude energy prices eased slightly from the sharp increases seen earlier in the spring.