Canada inflation hits 3.2% in May amid rising oil price hikes

Mikaela Ariar, Philippine Canadian Inquirer
June 23, 2026

Photo Courtesy: Adobe Stock

CANADA – The country’s yearly inflation rate rose to 3.25%  in May, from 2.8% in April this year; and marking the first time it has exceeded 3% since April of 2023.

Statistics Canada stated that the increase was largely driven by oil price hikes, which jumped from 33.2% year-over-year amid concerns over supplies and continued tensions in the Middle East.

Grocery prices also spikes faster than overall inflation for the 16th consecutive month. Fresh fruit prices increased by 5.3% , while fresh vegetables climbed 9% due to higher import costs and weather-related issues. Moreover, shelter costs edged higher, though mortgage interest costs and real estate commissions decline.

Air transportation prices rose 7.4% as airlines faced higher fuel costs connected to the conflict in Iran. Additionally, computer equipment and software prices increased 3.9% due to growing demand from artificial intelligence data centers.

Statistics Canada will release its June inflation report on July 20.