Headline inflation of 2.8% came in lighter than expectations, but was still up meaningfully versus last month…

… on the back of a near-30% Y/Y increase in gasoline prices linked to last year’s carbon tax removal and the situation in Iran.

That’s spilled over into the cost of other fuel oils, which sit more than 40% higher than last April…

… resulting in a doubling of transportation inflation versus March and carrying the print, while core inflation continues to slow on moderating food costs.