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Inflation expected to jump in March as Iran oil shock enters price data
RBC expects headline inflation to rise to 2.5% in March as higher pump prices from the oil shock begin to filter through.
- Statistics Canada will report the consumer price index for March, showing the early effects of the Iran war's oil price shock on inflation.
- RBC senior economist Claire Fan expects inflation to rise to 2.5% in March, up from 1.8% in February, partly moderated by last year's removal of the consumer carbon price.
- Oil prices surged after Iran closed the Strait of Hormuz, impacting fuel transit and raising pump prices.
- Claire Fan predicts inflation will exceed 3% in April when the removal of the carbon tax no longer influences calculations.
17 Articles
17 Articles
The Toronto Star
Inflation expected to jump in March as Iran oil shock enters price data
OTTAWA - Statistics Canada will reveal the early impacts of the Iran war's oil price shock on inflation when the agency reports its consumer price index for March on Monday.
Statistics Canada will unveil the first effects of the war-related oil shock in Iran on inflation next Monday when it publishes its consumer price index for the month of March.
Spike in Gas Prices Lift March Headline Inflation in Canada - ActionForex
Higher gasoline prices in March in Canada —up 21% from February—are expected to push year-over-year growth in the headline Consumer Price Index up to 2.5% from 1.8% in February, while inflation excluding food and energy ticks slightly higher to 2.2%. Annual energy inflation will likely rise above 0 for the first time since spring last […] The post Spike in Gas Prices Lift March Headline Inflation in Canada appeared first on ActionForex.
Why the oil price shock isn’t likely to reignite broad inflation in Canada
By Claire Fan The recent surge in oil prices from the Middle East conflict is reminiscent of the period after the Russia-Ukraine war intensified in 2022, although with different inflation implications. On both occasions, global commodity prices rose sharply as critical energy and fertilizer supplies were choked, leading to widespread concerns about the potential stagflationary impact on the Canadian and U.S. economies as higher oil prices cut in…
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