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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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                                            Prime Minister Mark Carney

Prime Minister Mark Carney has unveiled an ambitious plan to double Canada’s non-U.S. exports within the next decade, declaring that the country must “play to win” in an increasingly uncertain global economy.

In a nationally televised address, Carney argued that Canada’s heavy reliance on the United States has become a vulnerability, particularly as U.S. tariffs on key industries such as autos, steel, and lumber continue to disrupt investment and threaten jobs. He warned that the era of deep economic integration with Washington is over, and that Canada must diversify its trade relationships to secure long-term prosperity.

The strategy, to be detailed in the upcoming federal budget, will focus on expanding trade with Europe, Asia, and emerging markets. Carney promised unprecedented levels of private-sector investment, backed by government measures to strengthen Canadian industries and reduce exposure to U.S. trade shocks.

“Fortune favours the bold,” Carney said, urging Canadians to embrace a more competitive and outward-looking economic vision.

Analysts note that while the goal is ambitious, success will depend on Canada’s ability to negotiate new trade agreements, support exporters, and adapt to shifting global supply chains.


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