Fuel prices are displayed as a person fills up their car with gas at a station in Montreal on Thursday, March 5, 2026. (Image Credit: THE CANADIAN PRESS/Christopher Katsarov)
Economy
Inflation jumps to 3.2% in May thanks to higher gas prices: StatCan
Jun 22, 2026 | 9:06 AM
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Statistics Canada says high gas prices pushed the annual rate of inflation to 3.2 per cent in May.
That’s up from 2.8 per cent in April and marks the first time annual inflation has topped three per cent since late 2023.
The agency says gas prices rose for the third consecutive month in May thanks to the Middle East war and the closure of the Strait of Hormuz, though progress toward a peace deal has meant prices at the pumps were lower in recent weeks.
Air transportation costs were up 7.4 per cent year-over-year in May as airlines grappled with rising jet fuel prices.
