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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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India’s Russian Oil Purchases in Question After Trump’s Claim

he India-flagged oil tanker Desh Ujaala is pictured in the Gulf waters near Al-Basrah Oil Terminal (ABOT), about 50 kilometres offshore of Iraq’s southern Faw peninsula, on August 5, 2025.

U.S. President Donald Trump announced that Indian Prime Minister Narendra Modi has assured him New Delhi will halt purchases of Russian oil, a move Trump described as a “big step” in efforts to cut Moscow’s energy revenues amid the ongoing war in Ukraine.

According to Trump, the commitment came during recent discussions between the two leaders, with the U.S. president emphasizing that Washington would now push China to follow suit. Oil markets reacted swiftly, with prices rising about 1% following the remarks.

However, India’s Ministry of External Affairs (MEA) has offered a more cautious response. Officials reiterated that India’s energy policy is guided by the need to ensure stable prices and secure supplies for its domestic consumers, stressing that diversification of sources remains a priority.

Russia, for its part, defended its energy partnership with India, with its envoy in New Delhi stating that cooperation remains aligned with India’s national interests.

The situation leaves uncertainty over whether India will fully comply with Trump’s claim or continue balancing its strategic ties with both Washington and Moscow.


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