Aerial drone view of petrol industrial zone or oil refinery in Yaroslavl, Russia during sunset time.
iStock/nantonov

Input prices continued rising in February, with the cost of both raw materials and industrial products climbing, according to data from Statistics Canada.

On Thursday, the national statistical agency reported that industrial product prices were up 0.4% in February, which marked the fifth straight month-over-month rise. Industrial prices rose at a 4.9% annual rate in the month.

Precious metals led the way, with prices for the group up 5.1% in February “as international trade uncertainty fuelled safe-haven investment demand.”

The year-over-year gain in industrial product prices was driven by precious metals, as geopolitical and economic uncertainty “lent support to gold and silver prices throughout 2024 and into early 2025,” StatCan said.

Additionally, chemicals prices were up again in February, but at a slower rate than the previous month. Higher fertilizer prices led to the increase, driven by “tighter global supply,” the report said.

Lumber prices were down 1.2% in February. At the same time, raw materials prices were up 0.3% last month and were up 9.3% on a year-over-year basis, StatCan said.

Higher ore prices led the way, but easing energy prices limited the rise in overall raw materials prices. Excluding energy products, raw materials prices increased 3.4% in February.

Crude energy prices were down 4.7% in February, retracing some of the 7.2% increase recorded in January, as conventional crude oil prices fell 5.3% month-over-month, StatCan reported.

The agency noted that U.S. crude oil inventories rose in February, and looming trade disruptions weighed on demand expectations, which put downward pressure on prices.