Economic data has shown that Canadian inflation was a little firmer than expected in early 2025, especially after considering the impact of the federal tax holiday that pushed prices lower for a few categories including restaurant dining.

In the U.S., the picture is a bit “stickier.” Broadly resilient consumer demand has been keeping price pressures at uncomfortably high levels, and not all U.S. households are impacted equally. Those that earn less tend to have less options in avoiding higher priced essentials.

Join RBC Economics’ Claire Fan and Carrie Freestone as they give their latest take on inflation, and how the looming trade rift plays into that.