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Canada's Inflation Jumps to 2.4% in March — And Your Grocery and Gas Bills Show It

Canada's annual inflation rate climbed to 2.4% in March 2026 , up sharply from 1.8% in February, according to Statistics Canada data released Monday. The jump was driven almost entirely by soaring energy prices tied to the U.S.-Iran conflict and its disruption of oil flows through the Strait of Hormuz — and Canadians felt it directly at the gas pump and grocery store. Headline CPI (March) 2.4% ▲ Up from 1.8% in February Gasoline (monthly) +21.2% Largest monthly jump on record Grocery prices (year/year) +4.4% Up from 4.1% in February Core CPI (ex-gas) 2.2% Milder than expected Gas was the main culprit Gasoline prices surged a record 21.2% month over month in March — the largest single-month jump ever recorded in Canada — as the U.S.-Iran conflict choked off roughly one-fifth of the world's oil supply through the Strait of Hormuz. On a year-...
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Mideast Enters Dangerous New Phase With Iran’s Attack on Israel

 

In a significant escalation of tensions, Iran launched an unprecedented attack on Israel, firing over 300 drones and missiles. The attack, which took place on a Saturday evening, was largely thwarted by Israel and its allies, including the US, UK, and France, with most of the projectiles intercepted before reaching Israeli airspace¹. Fortunately, there were no fatalities reported, although a 10-year-old girl in Israel was badly injured by falling shrapnel, and an army base sustained light damage.

US President Joe Biden condemned the assault in the strongest terms, emphasizing that it was the first attack from Iranian soil against Israel. Israeli officials warned that this incident marked "a severe and dangerous escalation" from Tehran. However, neither the US nor Israel indicated immediate plans for retaliation against Iran. The attack came after Iran's embassy compound in Syria was hit by missiles on April 1, resulting in the deaths of seven Iranian officers. Iran stated that it would refrain from further assaults unless Israel responded strongly.

Despite the tension, stock markets in Israel, Saudi Arabia, and other Middle Eastern countries experienced only slight declines. Iran deliberately limited the scale of its retaliation, aiming for maximum symbolism but minimum damage. The situation remains precarious, and global leaders are coordinating a united diplomatic response. Oil prices surged following the Syria strike, with Brent climbing above $90 a barrel, and analysts speculating it could reach $100 if direct conflict between Iran and Israel escalates. The Israeli shekel weakened, and Israeli stocks initially rose but later reversed gains. Saudi Arabia expressed deep concern over the military escalation developments in the region.

As the Middle East enters this perilous new phase, the world watches closely, aware that the situation could have far-reaching consequences for regional stability and international relations.



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