Statistics Canada Says Annual Inflation Rate Hit 6.7% in March

[claireokc]

The annual rate of inflation hit 6.7 percent in March, the fastest year-over-year increase in the consumer price index since January 1991, Statistics Canada said Wednesday. The increase compared with gain of 5.7 percent in February. Fuelling much of the increase in March were higher prices at the pumps as gasoline prices rose 39.8 percent compared with the same month one year earlier. Statistics Canada said the consumer price index would have been up 5.5 percent year-over-year if it had excluded gasoline from its calculations. The agency noted price pressures remained widespread in March on the back of the country’s hot housing market, supply-chain constraints and the war in Ukraine that has affected prices for oil and food. ...

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