Canadian inflation expected to top 3% in April as gas prices soar

Economists expect Canadian inflation to surpass 3% for the first time since 2023 in April, driven largely by elevated gas prices stemming from geopolitical tensions. Statistics Canada's consumer price index data, due Tuesday, is expected to show the headline inflation rate jumping to 3.1% from 2.4% in March. Analysts at Royal Bank point to higher fuel costs as the primary culprit behind the sharp increase.