Inflation Just Heated Up Again: 3 Dividend Stocks to Buy Now

Inflation can sneak back fast. Investors then have to decide what still deserves a spot in a portfolio. Canada’s latest inflation reading gave markets a fresh reminder. The Consumer Price Index rose 2.8% year over year in April, up from 2.4% in March. Energy led the move, with transportation costs up 7.6% and gasoline prices jumping sharply.

That doesn’t mean inflation will run away again. But it does mean investors may want dividend stocks with assets people keep using, even when prices bite. The best picks can raise cash flow, protect pricing, and keep paying investors through tougher cycles.

ENB

Enbridge (TSX:ENB) looks like the first name to consider. The company moves oil and natural gas, runs gas utilities, and owns renewable power assets. It’s less about guessing the next oil price and more about collecting steady cash from essential energy infrastructure.

When inflation rises, investors often want businesses with contracted revenue, scale, and dividends backed by cash flow. Enbridge stock checks those boxes. In the first quarter of 2026, it reported adjusted earnings of $2.1 billion, or $0.98 per share. Plus, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.8 billion. It also reaffirmed its 2026 guidance and grew its secured backlog to $40 billion.

The dividend adds the appeal. Enbridge stock offers a large yield and a long record of annual dividend growth. The risk comes from debt, interest rates, and heavy capital spending. Still, for investors who want income tied to energy demand, Enbridge stock remains one of the TSX‘s strongest anchors.

FCD

Firm Capital Property Trust (TSX:FCD.UN) offers a smaller, higher-yielding option. The real estate investment trust (REIT) owns a diversified portfolio across commercial, multi-residential, manufactured home communities, and other properties. It’s not a giant REIT, which makes it riskier, but its monthly payout gives income investors something useful when inflation eats into cash.

The latest quarter showed progress. In Q1 2026, Firm Capital reported net operating income of $9.9 million, up 5% from last year. Adusted funds from operations (AFFO) per unit rose 10% to $0.13, while the AFFO payout ratio improved to 101% from 111%. That payout ratio still looks tight, so investors should not ignore the risk. But the improvement points in the right direction.

The trust also declared monthly distributions of $0.04 per unit for July, August, and September. Monthly income can feel especially helpful when everyday costs rise. The big risk sits in refinancing, occupancy, and property values. Higher rates can pressure smaller REITs. Yet Firm Capital’s 93.4% commercial occupancy, 94.8% multi-residential occupancy, and 99.6% manufactured home community occupancy show a portfolio still pulling its weight.

PPL

Pembina Pipeline (TSX:PPL) rounds out the group with another energy income play, but a different profile from Enbridge stock. Pembina transports, processes, stores, and markets oil, natural gas, and natural gas liquids across Western Canada. It sits in the middle of the energy chain, collecting fees from assets producers need to get products to market.

In Q1 2026, Pembina reported earnings of $498 million, adjusted earnings of $505 million, and adjusted EBITDA of $1.1 billion. It also raised its 2026 adjusted EBITDA guidance to a range of $4.35 billion to $4.55 billion, helped by stronger commodity prices in its marketing business.

Better still, Pembina raised its quarterly dividend to $0.735 per share, up about 3.5%. That gives investors a growing income stream at a time when inflation keeps testing household budgets. Risks include commodity exposure, project execution, and regulatory delays. But Pembina’s assets remain difficult to replace.

Bottom line

Inflation can rattle investors. It can also show which companies still deserve attention. Enbridge stock brings scale, Firm Capital brings monthly real estate income, and Pembina brings midstream strength. None offers a perfect shield. But all three could help investors collect income while the market worries about the next inflation print, even with just $7,000.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTENB$77.4690$3.88$349.20Quarterly$6,971.40PPL$66.88104$2.87$298.48Monthly$6,955.52FCD.UN$6.801,029$0.52$535.08Monthly$6,997.20

That mix feels useful now, especially for investors who want dividends without chasing every hot trade, and still leaves room for steady growth as prices keep moving higher.

The post Inflation Just Heated Up Again: 3 Dividend Stocks to Buy Now appeared first on The Motley Fool Canada.

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More reading

• How to Create Your Own Pension With Canadian Dividend Stocks
• Where Will Enbridge Stock Be in 3 Years?
• 3 Canadian Stocks That Could Thrive in the Infrastructure Boom
• The Bank of Canada Is Holding Rates — These 2 Dividend Stocks Look Built for the Pause
• 3 of the Best Canadian Stocks for a Buy and Hold in a TFSA

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge and Pembina Pipeline. The Motley Fool has a disclosure policy.