OTTAWA — Statistics Canada will say this morning how quickly prices increased in March, just one month after the rising cost of gasoline and groceries pushed the annual inflation rate to its fastest pace in more than 30 years.
OTTAWA — Statistics Canada will say this morning how quickly prices increased in March, just one month after the rising cost of gasoline and groceries pushed the annual inflation rate to its fastest pace in more than 30 years.
The annual inflation rate hit 5.7 per cent in February which marked the biggest increase to the consumer price index since August 1991, according to Statistics Canada.
Pushing the rate higher were prices for gasoline and groceries, which further climbed in March after Russia’s invasion of Ukraine.
RBC economists Nathan Janzen and Rannella Billy-Ochieng’ say the war in Ukraine has added to global supply chain disruptions and continued to broaden price pressures.
The duo say the annual inflation rate could hit six per cent for March pushed higher by soaring gas prices as energy surged higher on the Russian invasion of Ukraine.
Also expected to fuel inflation last month are price increases in the country’s hot housing market.
This report by The Canadian Press was first published April 20, 2022.
The Canadian Press
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