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Gasoline costs surged more than 33% compared with a year earlier, while food inflation accelerated to 4.3%, led by increases in fresh fruit and vegetable prices. Air travel also became more expensive as airlines faced higher fuel-related operating costs.
Since reaching a peak near $225 per share, the stock has given back much of its early gains and is now trading roughly 14% above its IPO price of $135. During its post-IPO rally, SpaceX briefly became one of the most valuable publicly traded companies in the world.
Statistics Canada reported that retail sales increased by 0.5% in April, reaching $73 billion. The gain was largely driven by stronger spending at fuel retailers and motor vehicle dealerships.
U.S. stock markets continued their upward momentum on Wednesday, with major indexes reaching fresh record highs as falling oil prices boosted investor confidence.
