Energy prices expected to push inflation higher for May, economists say

Canada’s inflation hits 29-month high amid heightened oil prices

Canada's inflation hit 3.2% in May—the highest in 29 months—as oil prices surged 33.2% annually due to US-Iran tensions, exceeding the central bank's 1-3% target. Rising energy costs escalate cloud infrastructure and datacenter expenses, pressuring capex budgets for tech firms with North American exposure.