Canada inflation jumps to 29-month high as oil prices rise
Canada's annual inflation rate rose to 3.2% in May, reaching a 29-month high and moving outside the Bank of Canada's 1% to 3% target range for the first time in nearly two and a half years. The increase was driven in large part by petrol prices, which climbed 33.2% year on year, according to Statistics Canada. The data were released on Monday and point to a sharp rise in living costs at a time when energy markets have been unsettled by tensions involving Iran.The monthly inflation rate also increased by 1% in May, the strongest monthly gain in 15 months.... [Continue Reading]
360LiveNews | 22 Jun 2026 18:00 LONDON
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Oil prices ease after Middle East peace deal as Strait of Hormuz disruption lingers
Oil prices have fallen after a shaky peace deal was announced in the Middle East, easing some of the immediate pressure on consumers and markets. The move comes after months of disruption linked to the blockade of the Strait of Hormuz, one of the world's most important energy shipping routes. Shipping is expected to resume only gradually, and the effects of the disruption are still being felt across fuel and utility costs.At the start of this year, oil was priced at about $60 per barrel, before the outbreak of war pushed it to $118 on 31 March. Since mid-May, repeated... [Continue Reading]
360LiveNews | 20 Jun 2026 07:29 LONDON
