The year-over-year increase in the consumer price index was the largest since May 2024, according to Statistics Canada. Excluding gasoline, the index was two per cent higher. (The Logic)

Talking point: There is no avoiding the ripple effects of the Iran war, even for net oil exporters like Canada. Energy prices were 19.2 per cent higher in April than a year earlier, compared with a 3.9 per cent increase in March. Gasoline was the main contributor, although the 28.6 per cent increase was exaggerated somewhat by Prime Minister Mark Carney’s decision to kill the consumer carbon tax a year ago, which lowered the starting point for Statistics Canada’s calculations. Otherwise, inflation was tame; shelter costs were little changed, food inflation slowed to 3.5 per cent from four per cent and the gauges the Bank of Canada watches to correct for volatility actually fell.