Gas shock pushes inflation higher, erasing relief for Canadians

The Consumer Price Index rose 2.4 per cent year over year in March, up from 1.8 per cent in February.

Canadian households are facing renewed price pressure after inflation accelerated in March, driven largely by a sharp spike in fuel costs tied to global conflict, according to new Statistics Canada data released Monday.

The Consumer Price Index rose 2.4 per cent year over year in March, up from 1.8 per cent in February, marking a clear re-acceleration in headline inflation after months of gradual easing. The biggest factor behind the turnaround was energy, particularly gasoline, which surged as geopolitical tensions in the Middle East disrupted supply chains and pushed global oil prices higher.