Business Brief: Fresh subs, rotten tomatoes

Canadian inflation rose to 3.2% in May, driven by a significant increase in gas and tomato prices, though the Bank of Canada sees no cause for panic. The country is proceeding with a major submarine procurement, expected to create thousands of jobs and economic benefits, but will strain the existing defence sector labour force. Canadian bank stocks have seen a notable surge, with an average increase of 30% year-to-date.

• •Canadian inflation reached 3.2% in May.
• •Major submarine procurement to create jobs.
• •Canadian bank stocks have risen 30% this year.