The outsized increase from February caused year-over-year increases in the consumer price index to accelerate to 2.4 per cent from 1.8 per cent the previous month, Statistics Canada reported in its first tally of inflation since the start of the Iran war. (The Logic)

Talking point: Excluding gasoline, the index advanced 2.2 per cent, which was slower than in February. The dials the Bank of Canada watches to filter out volatility also were little changed, suggesting governor Tiff Macklem will leave interest rates unchanged next week. The challenge will be keeping inflationary pressures from building. Grocery prices reaccelerated in March because adverse growing conditions in the places from which Canada imports cucumbers, peppers and celery restricted supply. History shows that highly visible price increases at the pumps and the grocery store influence expectations, potentially creating a self-fulfilling inflationary prophecy that could require interest rate increases to break.