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Canada’s Inflation Climbs to 2.4% as Gas Prices Surge to Record High

  Canada’s inflation rate accelerated to 2.4% in March , up from 1.8% in February, as the Iran war triggered the largest monthly gasoline price increase on record . Statistics Canada reported that gas prices surged 21.2% month‑over‑month , a supply‑shock response to Iran’s closure of the Strait of Hormuz and broader Middle East instability.  Energy costs were the dominant driver of March inflation, with overall energy prices rising 3.9% year‑over‑year after a sharp decline the month before. Excluding gasoline, inflation would have eased to 2.2% , highlighting how concentrated the price shock was.  Food inflation offered mixed relief: grocery prices rose 4.4% , while fresh vegetables jumped 7.8% due to difficult growing conditions. Restaurant inflation cooled sharply as last year’s tax‑holiday distortions fell out of the annual comparison.  Economists note that while headline inflation spiked, core measures remained relatively tame , giving the Bank of Canada ro...
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Race Against the Clock: Iran and European Powers Set for High-Stakes Nuclear Talks

 

File photo: An Iranian missile is launched during a military exercise in an undisclosed location in Iran

In a pivotal diplomatic move, Iran and three major European powers — France, Britain, and Germany — have agreed to resume negotiations next week aimed at reviving stalled nuclear and sanctions discussions.

The talks come just days before an August 31 deadline set by the so-called “E3” to trigger the UN’s “snapback” sanctions mechanism, which would reinstate punitive measures lifted under the 2015 nuclear deal. European officials have warned that unless Iran commits to a verifiable and lasting agreement to address concerns over its uranium enrichment programme, sanctions will return in full force.

Tensions have escalated since June, when a 12-day conflict between Israel and Iran prompted Tehran to cut off cooperation with the International Atomic Energy Agency (IAEA). Restoring IAEA access is expected to be a central point of contention in the upcoming talks.

Iranian Foreign Minister Abbas Araqchi has rejected the legitimacy of the European threat, accusing the E3 of lacking “legal and moral competence” to invoke snapback sanctions, but maintained that Tehran remains open to diplomacy that safeguards its national interests.

With the snapback provision set to expire in October, the coming week’s negotiations may represent the last opportunity for both sides to avert a renewed cycle of sanctions and mistrust.

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