Canada's March Inflation Accelerates to 2.4% Amid Energy Price Spikes

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.