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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.
Read more:
- Inflation rises to 2.8% in April thanks to higher gas prices: StatCan
- Canada slips into technical recession as economy stalls in Q1: StatCan
- Carney says economic plan ‘settling in’ after Canada enters recession territory
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.
Higher prices for fresh fruit and vegetables also pushed grocery store inflation up half a percentage point to 4.3 per cent in May.
Tomato prices rose a whopping 45.2 per cent annually in May, which StatCan attributes to tough growing conditions and U.S. tariffs curtailing production in Mexico.
This report by The Canadian Press was first published June 22, 2026.
