CBC: The high cost of gas, driven by an oil shortage due to the war in Iran, was the driving force behind the uptick for another month, according to Statistics Canada. The price of gasoline rose at a faster pace in May, with prices increasing 33.2 per cent on a year-over-year basis, compared to 28.6 per cent in April.
Those costs pushed the annual inflation rate to its highest level since late 2023.
However, BMO chief economist Doug Porter noted that pump prices have eased in recent weeks, which he says will likely bring the headline inflation figure down in the next inflation report…