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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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Ukraine Sets $120 Billion Defence Goal for 2026 Amid Intensifying War

Ukrainian service personnel use searchlights as they search for drones in the sky over the city during a Russian drone strike, amid Russia's attack on Ukraine.

Ukraine’s Defence Minister Denys Shmyhal has announced that the country will require at least $120 billion for its 2026 defence budget as the war with Russia enters its fourth year. The funding is aimed at maintaining fortified defence lines, ramping up drone and weapons production, protecting airspace, and deterring further Russian aggression.

Shmyhal warned that spending less than Russia risks paying “with our territories and, most importantly, with our lives”. Ukraine’s defence expenditure has surged since the 2022 invasion, now accounting for over 31% of GDP, with this year’s budget allocating at least $63 billion, supplemented by in-kind military aid from Western allies.

Roksolana Pidlasa, head of the parliamentary budget committee, noted that the daily cost of the war rose to $172 million in 2025, up from $140 million in 2024, covering wages, weapons, and compensation for casualties. Kyiv is urging allies to explore using frozen Russian assets to help meet the funding target.

The conflict has intensified in recent months, with fierce fighting along more than 1,000 km of frontline and increased Russian airstrikes on Ukrainian cities. Diplomatic efforts remain stalled, and NATO forces recently intercepted Russian drones that violated Polish airspace.

Shmyhal stressed that until a diplomatic solution is reached, Ukraine must keep fighting — and that requires sustained, large-scale financial support.


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