Economy· August 17, 2026 at 02:22 p.m.
Inflation Rate Rises Due to Gasoline Rebound Ahead of Bank of Canada Decision
Key takeaways
- Inflation rate reached 4.7% in May
- Gasoline prices contributed significantly to the increase
- Bank of Canada to make interest rate decision on June 1st
The rebound in gasoline prices has caused a surge in inflation, reaching an annual rate of 4.7% in May, according to data released by Statistics Canada. This increase comes as the Bank of Canada is set to make its interest rate decision on June 1st. The rise in inflation could influence the central bank's decision regarding monetary policy.