Canada's inflation rises to 2.4%

The latest consumer price index data reveals the significant economic impact of the ongoing conflict in the Middle East on Canadian households.

Fuel costs jumped 0.9% on the month, marking the largest increase since the series began, as global oil supply remains disrupted by the Hormuz blockade.

Despite the headline increase, economists noted that food inflation has slowed, providing some relief at grocery stores.

The Bank of Canada is now closely weighing this mixed data ahead of its upcoming interest rate decision next week.