Canada's inflation rate hits 2.4%

The latest Consumer Price Index data highlights the significant impact of the Iran war on the cost of living for Canadians.

While food inflation remains a concern, the 0.9 per cent monthly jump in prices was largely fueled by skyrocketing oil costs as the Strait of Hormuz remains blocked.

Economists warn that this energy shock could complicate the Bank of Canada's upcoming interest rate decisions, as they weigh persistent price pressures against a slowing economy.

Consumers across the country are feeling the pinch at the pumps and in their grocery bills, with little relief expected in the near term.