Inflation's Gas Guzzlers: How Global Tensions Are Fueling Higher Prices The recent spike in inflation to 3% in July, driven by rising gas prices, has sent shockwaves through the Canadian economy.
The actual figure exceeded economists' predictions of a gentle increase to 2. 9%, serving as a timely reminder of the fragile state of global markets.
External pressures are at play here, with renewed hostilities in the Middle East driving energy prices up again. Gas prices have grown at an alarming 25.