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ForexMediumUpdated•Originally published 20 April 2026•Updated 20 April 2026•

1 min read

Canada Inflation Accelerates to 2.4% in March Amid Record Surge in Gasoline Prices

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Key Facts

1Canada's annual CPI rose to 2.4% in March from 1.8% in February.

about 1 month ago

Version History

Version 1about 1 month ago

What changed: The report was updated to specifically identify the Iran war as the direct cause behind the surge in gasoline prices and energy inflation.

Canada's annual Consumer Price Index (CPI) accelerated to 2.4% in March, up from 1.8% in February, according to the latest government data. The primary driver behind this uptick was a record monthly surge in gasoline prices, which climbed 21.2% as a direct consequence of the war involving Iran. While inflation showed a clear upward trend, the final figures slightly missed market expectations of a 2.5% year-on-year increase. This acceleration places renewed pressure on the Bank of Canada as it evaluates the necessity of maintaining restrictive monetary policy amid heightened geopolitical risks. Market participants are now weighing these figures against the broader economic outlook to determine the trajectory of the CAD. Despite the energy-led spike, the slight miss versus forecasts has tempered immediate volatility in the forex markets.