Canada's inflation hits 2.4%

The consumer price index rose 0.9% on a monthly basis, the largest such advance in over a year.

While the headline number was slightly lower than some economists predicted, the 'energy price shock' has complicated the Bank of Canada's path toward interest rate cuts.

Airfares also saw their first year-over-year increase in nearly two years due to soaring jet fuel costs.

Business sentiment, which had been improving prior to the war, has now been tempered by expectations of higher input prices.