Canada’s inflation rate for March increased to 2.4 percent as reported by Statistics Canada on Monday. The surge in inflation was primarily driven by elevated energy prices, particularly gas, attributed to the conflict in Iran. Energy costs were up by 3.9 percent compared to the previous year and saw a sharp 13.1 percent rise on a monthly basis.
Economists had widely anticipated the impact of heightened gas prices due to the situation in Iran on driving up inflation. According to a Reuters poll conducted by LSEG Data & Analytics, experts had predicted that the annual inflation rate would climb to 2.5 percent in March from 1.8 percent in February.
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