Canada’s annual inflation rate rose 2.4pc in March, with prices jumping 0.9pc on the month, as higher crude oil costs drove up gasoline prices, data showed, according to Reuters.

The headline annual inflation rate was last seen at this level in December. The monthly inflation spike was the highest in 14 months, Statistics Canada said.

The Iran war has choked crude oil shipments from the Strait of Hormuz. This has led to a spike in gasoline prices at the pump and strained consumer budgets.

The war pushed gasoline prices up by 5.9pc on a yearly basis and 21.2pc surge on a monthly basis in March. The year-over-year figure was partly muted due to higher gasoline prices during the same period last year due to a carbon levy which was dropped in April 2025.

Read more here.