Canada's annual inflation rate surges to a 29-month high of 3.2pct in May (opens original article in a new tab)

Canada's annual inflation rate surged to 3.2% in May, the highest in 29 months, driven by increased crude oil prices related to the Iran conflict.

• Canada's annual inflation rate reached 3.2% in May, the highest since 2021
• Inflation accelerated more than expected due to rising crude oil prices
• Higher crude oil prices were linked to the Iran conflict affecting gasoline costs