In March, Canada's inflation rate rose to 2.9% due to a 4.5% increase in gasoline prices.

Inflation rate in Canada rose to 2.9% in March, up from a 2.8% increase in February, as gasoline prices increased by 4.5% year-over-year, according to Statistics Canada. Excluding gasoline, the overall annual inflation rate was 2.8%. The Bank of Canada kept its key interest rate target on hold, but suggested it is "within the realm of possibilities" that it might cut rates in June.