Canada's March Inflation Accelerates to 2.4% Amid Energy Price Spikes
Canada's Consumer Price Index (CPI) rose to 2.4% in March 2026, driven by a record jump in gasoline prices resulting from geopolitical tensions in the Middle East.
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- 📰 Published: April 21, 2026 at 15:32
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Statistics Canada reported on Tuesday that the annual inflation rate rose to 2.4% in March, up from 1.8% in February. This acceleration was largely fueled by energy prices, particularly gasoline, which saw a 21.2% month-over-month increase—the largest such spike on record. Excluding gasoline, the CPI rose 2.2%. The Bank of Canada is now facing a challenging environment as it weighs the impact of global supply shocks on domestic monetary policy ahead of its April interest rate decision.