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Cost of living

Connect the decisions behind borrowing costs, fuel prices and the things you buy.

A question from The Middle East oil shock Why is this happening?

Stories matching “inflation” Clear search

oil · energy Reporting through

Canada exports oil, and a war in the Middle East still raises what Canadians pay for gasoline

Drivers in Canadian cities paid an average of C$1.87 a litre for regular gasoline in the week ending September 15, 2026. It was C$1.40 in the week ending February 24, 2026, four days before US and Israeli strikes on Iran began a war. Canada exports oil, but its refiners pay world prices, and oil-producing provinces collect more revenue. The International Energy Agency put the Persian Gulf's August oil exports at nearly half the prewar level. No official negotiations are under way.

interest rates · inflation Reporting through

With inflation at 3 per cent and 42,000 jobs lost, the Bank of Canada holds

In August 2026 Canadians paid 3 per cent more than a year earlier and lost 42,000 jobs. The Bank of Canada, which aims for 2 per cent inflation, held its rate at 2.25 per cent on September 2, its seventh straight hold. Cutting could feed inflation that is above target mainly because of gasoline, made costly by a Middle East conflict. Raising could cost more jobs while US tariffs, taxes on imports, hit exporters. It decides again on October 28.