Statistics Canada says higher gas prices mainly driven by the war in Iran pushed the annual rate of inflation up to 2.8 per cent in April compared with 2.4 per cent in March.
The cost of living also went up significantly in most provinces, including Newfoundland and Labrador. Inflation year-over-year hit 3.6 per cent in April, up from 2.6 in March. It’s at 3.7 per cent in metro in April, up by over a full percentage point from the month before.
The next interest rate setting by the Bank of Canada is scheduled for June 10.
