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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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Senate Defies Trump, Advances $1 Billion Ukraine Aid Package

 

In a decisive move, the U.S. Senate Appropriations Committee has approved a military spending bill that includes $1 billion in aid for Ukraine, countering President Donald Trump's request to eliminate such funding.

The committee voted 26-3 in favor of the $852 billion defense budget for fiscal year 2026, which is $21.7 billion more than Trump’s proposed allocation. The package includes:

  • $800 million for the Ukraine Security Assistance Initiative (USAI)
  • $225 million for the Baltic Security Initiative, much of which supports Ukraine indirectly

Senator Mitch McConnell, chair of the defense subcommittee, emphasized the strategic importance of Ukraine, calling it “the Silicon Valley of warfare” due to its pioneering use of drone technology. He warned that disengaging from Ukraine would “undermine our military’s efforts to prepare for the modern battlefield.”

Despite Trump's earlier opposition to continued military aid, recent frustrations with Russia’s refusal to agree to a ceasefire have led to a shift in tone. Trump has threatened new sanctions and set deadlines for Moscow to show progress toward ending the war.

The bill must now pass the full Senate and be reconciled with the House version, which currently lacks Ukraine funding, before heading to the White House for Trump’s signature or veto.


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