Canada’s inflation rate rose to 3.2 percent in May, with higher energy prices stemming from the war in Iran again driving the increase, according to Statistics Canada.
The country’s Consumer Price Index (CPI), which was at 2.8 percent in April and 2.4 percent in March, is now higher than the Bank of Canada’s target range of between 1 percent and 3 percent.
Statistics Canada said in its June 22 report that gasoline prices rose at a faster pace in May, increasing by 33.2 percent on a year-over-year basis, compared to 28.6 percent in April. The agency attributed the increase to Iran’s efforts since March to close the Strait of Hormuz, a critical shipping route through which roughly 20 percent of the world’s oil supply passes….