
Canada's Inflation Rate Hits 29-Month High in May Driven by Oil Prices
Canada's annual inflation rate reached 3.2% in May, a 29-month high, driven by soaring oil prices due to US-Iran tensions. This marks the first time in over two years that inflation has exceeded the Bank of Canada's target range. Petrol prices saw a significant annual jump, contributing to overall transportation costs. While food prices also increased, analysts suggest the recent US-Iran peace deal may ease inflation in June.

