Canada inflation at 2.4% in March as gasoline jumps 21.2%
Business
Canada's inflation rate climbed to 2.4% in March, up from 1.8% the month before, mostly because gasoline prices shot up thanks to tensions in Iran.
Gasoline prices spiked a record 21.2%, making everyday costs noticeably higher for Canadians, even though overall inflation landed just below predictions.
Iran conflict pushes crude above $119
The conflict in Iran has sent oil prices on a rollercoaster, with crude jumping from $70 to over $119 per barrel before settling back down a bit.
While energy costs are driving most of the inflation right now, if you take out gasoline, Canada's inflation is actually slowing to 2.2%.
So for now, it's really those fuel costs that are making wallets feel lighter.