https://sputnikglobe.com/20220420/canadian-inflation-surges-to-67-in-march-highest-since-january-1991-1094918572.html
Canadian Inflation Surges to 6.7% in March, Highest Since January 1991
Canadian Inflation Surges to 6.7% in March, Highest Since January 1991
Sputnik International
TORONTO (Sputnik) - Canadian inflation rose to 6.7% year-on-year in March, the highest increase since January 1991, the government's statistics agency said on... 20.04.2022, Sputnik International
2022-04-20T16:01+0000
2022-04-20T16:01+0000
2023-03-05T11:22+0000
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"In March, Canadian consumer prices increased 6.7% year over year, one percentage point higher than the gain in February (+5.7%). This was the largest increase since January 1991 (+6.9%)," Statistics Canada said in its monthly Consumer Price Index (CPI) report.Skyrocketing energy and housing prices continue to be largely responsible for keeping the inflation rate above 5% for the third straight month, the agency said. Excluding the gas price spike, the CPI rose 5.5% year-on-year in March.Statistics Canada said prices at the pump were up 39.8% because of "supply uncertainty" as Russia continues its special military operation in Ukraine.The spike is having an impact on grocery checkout counters as food prices have soared 8.7% year-on-year – the largest increase since the end of the global economic crisis observed between 2007 and 2009.Prime Minister Justin Trudeau has - along with other Western leaders, including US President Joe Biden - attempted to shift the blame for out-of-control prices on Moscow.The Canadian inflation rate last topped the current level during the 1990-92 recession when the CPI hovered between 4% and 6.5%, reaching a high of 6.9% percent in January 1991.
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Canadian Inflation Surges to 6.7% in March, Highest Since January 1991
16:01 GMT 20.04.2022 (Updated: 11:22 GMT 05.03.2023) TORONTO (Sputnik) - Canadian inflation rose to 6.7% year-on-year in March, the highest increase since January 1991, the government's statistics agency said on Wednesday.
"In March, Canadian consumer prices increased 6.7% year over year, one percentage point higher than the gain in February (+5.7%). This was the largest increase since January 1991 (+6.9%)," Statistics Canada said in its monthly Consumer Price Index (CPI) report. Skyrocketing energy and housing prices continue to be largely responsible for keeping the inflation rate above 5% for the third straight month, the agency said. Excluding the gas price spike, the CPI rose 5.5% year-on-year in March.
Statistics Canada said prices at the pump were up 39.8% because of "supply uncertainty" as Russia continues its special military operation in Ukraine.
The spike is having an impact on grocery checkout counters as food prices have soared 8.7% year-on-year – the largest increase since the end of the global economic crisis observed between 2007 and 2009.
Prime Minister Justin Trudeau has - along with other Western leaders, including US President Joe Biden - attempted to shift the blame for out-of-control prices on Moscow.
The Canadian inflation rate last topped the current level during the 1990-92 recession when the CPI hovered between 4% and 6.5%, reaching a high of 6.9% percent in January 1991.
