2026.04.2312:36:28UTC+00Canada Producer Prices Above Forecasts

Producer prices in Canada rose 2.4% month over month in March 2026, accelerating from a 0.6% increase in February and beating market expectations of a 1.6% gain. The key driver was the closure of the Strait of Hormuz, which significantly affected prices across a range of commodities, particularly energy and petroleum products, as well as chemicals and chemical products.

The most pronounced impact was seen in energy and petroleum products, where prices surged a record 27.4%. Within this category, refined petroleum energy products climbed 29.3%, while diesel fuel and finished motor gasoline also posted sharp increases of 33.2% and 28.8%, respectively.

Prices for chemicals and chemical products advanced 4.1%, the largest monthly gain since February 2021. This increase was mainly attributable to higher prices for plastic resins (+15.4%) and petrochemicals (+8.9%).

Excluding energy and petroleum products, producer prices declined 0.5%, weighed down in part by a 1.7% drop in the cost of primary non-ferrous metal products. On an annual basis, producer prices were up 7.8%.