Canada’s annual inflation rate rose to 2.8 percent in April as higher energy prices linked to the Iran war trickled down through the economy, according to a new Statistics Canada report.
The May 19 report said higher gasoline prices “drove the acceleration” in the Consumer Price Index (CPI), which stood at 2.4 percent in March and 1.8 percent in February. StatCan said “supply uncertainty” tied to tensions in the Middle East and disruptions in the Strait of Hormuz pushed oil prices higher.
