StatCan to release April inflation report, oil shock expected to drive prices higher

Diesel prices are seen at a gas station in Montreal on Thursday, April 9, 2026. THE CANADIAN PRESS/Christopher Katsarov

OTTAWA — Statistics Canada will release its latest reading for inflation today when it reports its consumer price index for April.

The annual pace of inflation is expected to top three per cent for the first time since 2023 as Canadians grapple with the oil shock from the war in Iran.

A Reuters poll of economists is calling for the headline inflation figure to hit 3.1 per cent, up from 2.4 per cent in March, according to LSEG Data & Analytics.

Oil prices have soared since late February as Iran shuttered the Strait of Hormuz in response to U.S. and Israeli attacks.

The Bank of Canada has signalled it will look through the initial inflationary spike tied to higher gasoline prices, but will act to ensure price pressures don’t become entrenched.

The central bank’s next interest rate announcement is set for June 10.

This report by The Canadian Press was first published May 19, 2026.