Inflation Hits 31-Year High
SAINT JOHN–Canada’s inflation rate reached a new, 31-year high of 6.7 percent in March. That is a full percentage point higher than the 5.7 percent gain we saw in February.
Statistics Canada said it was the fastest year-over-year increase since January 1991.
“Inflationary pressure remained widespread in March, as prices rose across all eight major components,” the agency said in its monthly report.
“Prices increased against the backdrop of sustained price pressure in Canadian housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets.
Gasoline prices rose 39.8 percent, while prices for fuel oil and other fuels rose 61 percent. Shoppers paid nearly nine percent more for food purchased from stores, which was the largest year-over-year increase since March 2009.
Prices for dairy products and eggs rose 8.5 pe cent, while prices for pasta products were up 17.8 percent.
Consumers also saw a 7.3 percent jump in prices for durable goods—the biggest increase in 40 years—led by passenger vehicles and furniture.
Broken down by province, Prince Edward Island saw the biggest increase in inflation at 8.9 percent, followed by New Brunswick and Manitoba (7.4 percent), Ontario (seven percent) and Nova Scotia (6.8 percent).
You can find the full report online by clicking here.
Brad Perry is the news director with CHSJ/Country 94, Huddle content partners.