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Canada's Inflation Hits 3.2% — What It Means for Your Wallet

  Gas prices surged 33% year-over-year. Grocery bills keep climbing. And the Bank of Canada is walking a tightrope between fighting inflation and protecting a fragile economy. Here's the breakdown — and what comes next. MoneySavings.ca   |  June 23, 2026  |   Canadian Money Brief By the Numbers — May 2026 CPI Headline Inflation (year-over-year) 3.2% Previous Month (April 2026) 2.8% Market Expectations 3.0% Gasoline (year-over-year) +33.2% Grocery Inflation (year-over-year) +4.3% Fresh Vegetables (year-over-year) +9.0% Shelter Costs (year-over-year) +1.7% BoC Core Inflation (trimmed-mean) ~2.0% Bank of Canada Policy Rate 2.25% (held) Canada's inflation rate jumped to 3.2% in May 2026 , Statistics Canada reported Monday — beating analyst forecasts of 3.0% and marking the fastest annual increase since December 2023. Month-over-month, consumer prices rose a full 1.0%, with a seasonally adjusted gain of 0.5%. The headline number is uncomfortable. But the st...

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Toronto Highrise Fire Leaves Hundreds Without Homes Amid Uncertain Timeline

Fire crews are still on scene of a blaze in two connected apartment buildings in Thorncliffe Park but it's not extinguished yet.

Residents of two Toronto apartment towers remain displaced after a stubborn and complex fire forced the evacuation of hundreds of units late last week. Fire crews have been battling the blaze at 11 Thorncliffe Park Drive and 21 Overlea Boulevard since Thursday, but officials say there is still no timeline for when residents will be able to return.

The fire, described by Toronto Fire Chief Jim Jessop as one of the most complex incidents in the city’s history, has proven difficult to extinguish because it is burning inside insulation trapped between the walls of the two highrise buildings. At its peak, crews detected dangerously high levels of carbon monoxide, prompting the evacuation of all 378–408 units across the towers. Thankfully, no injuries have been reported.

Acting Division Commander Robert Hewson noted that firefighters have been “actively fighting a stubborn fire” for days, with progress slowed by the hidden pockets of smouldering material. More than 100 residents have been placed in nearby hotels with support from the Red Cross and the City of Toronto, while others are relying on friends and family for shelter.

Officials continue to investigate the cause of the fire, but for now, displaced residents face an indefinite wait. Many have described the situation as “chaotic” and stressful, as they remain uncertain about when — or how — they will be able to return home.


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