Canada’s inflation hits 29-month high amid heightened oil prices
Key takeaways
- Petrol prices lead the surge with 33.2 percent price increase on an annual basis.
- “It’s never good news to see the overall inflation rate track above three percent, even if it is for one month only,” said Doug Porter, chief economist at BMO Capital Markets, to the Reuters news agency.
- The monthly inflation rate jumped one percent in May, marking the highest gain in 15 months.
Why this matters: an international story with cross-border implications worth tracking.
Petrol prices lead the surge with 33.2 percent price increase on an annual basis.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo Inflation in Canada surpassed the Bank of Canada's target range for the first time in over two years [File: Blair Gable/Reuters]By Al Jazeera Staff and Reuters Published On 22 Jun 202622 Jun 2026Canada’s annual inflation rate surged to a 29-month high in May at 3.2 percent as heightened oil prices due to the US-led tensions with Iran weighed on petrol prices.
The release of the data by Statistics Canada on Monday marked the first time in nearly two-and-a-half years that Canada’s headline inflation has moved outside the Bank of Canada’s one percent to three percent target range.